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20 - ORGANIZATIONS/GOVERNMENT/USA/Virgin Islands Economic Development Authority.md
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@ -49,7 +49,7 @@ relations:
role: "assistant chief executive"
fn: 2
created: 2026-09-25
updated: 2026-09-25
updated: 2026-10-08
---
The Virgin Islands Economic Development Authority is a semi-autonomous public corporation of the [[U.S. Virgin Islands]], created under Title 29, section 1101 of the Virgin Islands Code, whose board, the [[Economic Development Commission]], grants tax-incentive certificates to companies that locate in the territory. Through the commission and its predecessor, the [[Industrial Development Commission]], it certified [[Jeffrey Epstein|Jeffrey Epstein's]] [[Financial Trust Company]] from 1999 and his [[Southern Trust Company]] from 2013, and continued the benefits after his 2008 conviction and his 2010 registration as a sex offender in the territory. The future governor [[Albert Bryan]] chaired the authority while serving as Commissioner of Labor, the future congressional delegate [[Stacey Plaskett]] was its general counsel, and the attorney who helped Epstein buy [[Little St. James]], [[Henry Smock]], was long counsel to its board. A consultant retained by [[JPMorgan Chase]] put Epstein's total benefits at about 300 million dollars.[^1][^2][^3]
@ -72,13 +72,15 @@ The authority did not audit Financial Trust until 2008, nearly ten years after t
On July 10, 2019, four days after Epstein's arrest, the authority's spokeswoman [[Shanell Petersen]] advised its "Business Ambassador," Bryan's wife [[Yolanda Bryan]], about two press inquiries concerning "Jeffrey Epstein being an active EDC Beneficiary," and a notation recommended "contacting Southern Trust and IYG (companies which he has ownership interest) to update them that we have provided public information based on the Sunshine Act," adding that "Informing them will allow them to prepare their PR team." The Business Ambassador post was created after Bryan took office in 2019. Smock took part in the authority's nine-step protocol for press inquiries after the arrest. In October 2019 the managing director, [[Margarita Benjamin]], forwarded a [[The New York Times|New York Times]] reporter's questions to colleagues with the comment, "I personally think the questions are opening us up to public scrutiny."[^3][^5]
The authority's fiscal 2023 annual report records certificate orientations on February 7, 2023 for Black Diamond Advisors, LLC and Black Diamond Holdings, LLC, affiliates of [[Black Diamond Capital Management]], each for a modification of its certificate on St. Thomas.[^10] The fiscal 2016 annual report lists Black Diamond Advisors, LLLP and Black Diamond Holding, LLLP among its site visits.[^11]
### Henry Smock
Smock, who assisted Epstein in the 1998 purchase of Little St. James, served for years as counsel to the authority's board and to the board of the [[University of the Virgin Islands]]. In an October 19, 2011 email to Epstein headed "UVI Park Directors," Cecile de Jongh profiled board candidates for the university's research and technology park, one of the incentive programs on which Kellerhals advised clients, noting of the university's president, "DO NOT KNOW HIM THAT WELL AND HE IS NEW TO THE VI," and of Smock, a former judge of the Territorial Court from 1987 to 1993, former chairman of the Law Revision Commission and former president of the Virgin Islands Bar Association: "FRIEND." According to [[Federal Bureau of Investigation|FBI]] notes of a 2023 interview with the former Attorney General [[Denise George]], Bryan told her to settle the territory's case against the Epstein estate for 80 million dollars and to "select Henry Smock" as mediator; Smock later represented Bryan in his 2023 divorce, the records of which were sealed at his request.[^3][^10]
Smock, who assisted Epstein in the 1998 purchase of Little St. James, served for years as counsel to the authority's board and to the board of the [[University of the Virgin Islands]]. In an October 19, 2011 email to Epstein headed "UVI Park Directors," Cecile de Jongh profiled board candidates for the university's research and technology park, one of the incentive programs on which Kellerhals advised clients, noting of the university's president, "DO NOT KNOW HIM THAT WELL AND HE IS NEW TO THE VI," and of Smock, a former judge of the Territorial Court from 1987 to 1993, former chairman of the Law Revision Commission and former president of the Virgin Islands Bar Association: "FRIEND." According to [[Federal Bureau of Investigation|FBI]] notes of a 2023 interview with the former Attorney General [[Denise George]], Bryan told her to settle the territory's case against the Epstein estate for 80 million dollars and to "select Henry Smock" as mediator; Smock later represented Bryan in his 2023 divorce, the records of which were sealed at his request.[^3][^12]
### Aftermath
The estate settled the territory's case in November 2022 for more than 105 million dollars, returning "more than $80 million in economic development tax benefits that Epstein and his co-defendants fraudulently obtained." In the territory's suit against JPMorgan, the bank's consultant [[Carlyn Irwin]] reported that "the EDC did not investigate or question" Epstein's business claims and that "giving Mr. Epstein $300 million in benefits made no economic sense." As of June 2023 the territory had not amended its law to bar registered sex offenders from receiving certificates. Companies affiliated with [[Stephen Deckoff]], who bought Little St. James and [[Great St. James]] from the estate in 2023, have held commission benefits since 2012.[^3][^5][^11][^12]
The estate settled the territory's case in November 2022 for more than 105 million dollars, returning "more than $80 million in economic development tax benefits that Epstein and his co-defendants fraudulently obtained." In the territory's suit against JPMorgan, the bank's consultant [[Carlyn Irwin]] reported that "the EDC did not investigate or question" Epstein's business claims and that "giving Mr. Epstein $300 million in benefits made no economic sense." As of June 2023 the territory had not amended its law to bar registered sex offenders from receiving certificates. Companies affiliated with [[Stephen Deckoff]], who bought Little St. James and [[Great St. James]] from the estate in 2023, have held commission benefits since 2012.[^3][^5][^13][^14]
### Footnotes
@ -91,6 +93,8 @@ The estate settled the territory's case in November 2022 for more than 105 milli
[^7]: U.S. Department of Justice, Epstein Library, EFTA01580553, DataSet 10, memorandum from Harry Beller to JPMorgan wire desk, September 21, 2012 (JPM-SDNY-00059908). https://www.justice.gov/epstein/files/DataSet%2010/EFTA01580553.pdf ; Kellerhals Ferguson Kroblin PLLC, "Erika Kellerhals," attorney biography, captured August 10, 2019. https://web.archive.org/web/20190810121434/https://www.kellfer.com/attorneys/erika-kellerhals/
[^8]: Carlson, Suzanne. "Court filings show V.I. First Lady's loyalty to Epstein." *Virgin Islands Daily News,* June 21, 2023. https://www.virginislandsdailynews.com/news/court-filings-show-v-i-first-ladys-loyalty-to-epstein/article_c2dca0a7-a243-5365-88c0-389c576ad022.html (144.9 million dollars in incentives, 2013 to 2019; no amendment of the law).
[^9]: Carlson, Suzanne. "Files reveal Epstein's efforts to influence V.I. officials; emails with Mapp." *Virgin Islands Daily News,* February 2, 2026. https://www.virginislandsdailynews.com/news/files-reveal-epstein-s-efforts-to-influence-v-i-officials-emails-with-mapp/article_2dd4fe69-4daf-4dc2-b3b8-37a929002bb6.html
[^10]: U.S. Department of Justice, Epstein Library, EFTA00720076, DataSet 9, email, Cecile de Jongh to Jeffrey Epstein, cc Jeanne Brennan, "UVI Park Directors," October 19, 2011 (duplicate EFTA02035483, DataSet 10). https://www.justice.gov/epstein/files/DataSet%209/EFTA00720076.pdf
[^11]: "U.S. Virgin Islands Attorney General Settles Sex Trafficking Case Against Estate Of Jeffrey Epstein And Co-Defendants For Over $105 Million." *U.S. Virgin Islands Department of Justice,* December 1, 2022. https://usvidoj.com/u-s-virgin-islands-attorney-general-settles-sex-trafficking-case-against-estate-of-jeffrey-epstein-and-co-defendants-for-over-105-million/
[^12]: Carlson, Suzanne. "Still no resort plans for Epstein's islands purchased by Deckoff." *Virgin Islands Daily News,* February 6, 2026. https://www.virginislandsdailynews.com/news/still-no-resort-plans-for-epsteins-islands-purchased-by-deckoff/article_84d776de-8427-4080-a1b5-6cf81418e23d.html (Black Diamond Advisors and Black Diamond Holdings receiving EDC benefits since 2012).
[^10]: Virgin Islands Economic Development Authority, *FY 2023 Annual Report,* Certificate Orientations, pp. 24 to 25. https://usvieda.org/wp-content/uploads/2024/04/2023-Annual-Report_Revised-Apr-4-2025.pdf
[^11]: Virgin Islands Economic Development Authority, *FY 2016 Annual Report,* Table 3, Site Visits, p. 30. https://usvieda.org/wp-content/uploads/2018/05/2016_EDA_Annual_Report_FINAL.pdf
[^12]: U.S. Department of Justice, Epstein Library, EFTA00720076, DataSet 9, email, Cecile de Jongh to Jeffrey Epstein, cc Jeanne Brennan, "UVI Park Directors," October 19, 2011 (duplicate EFTA02035483, DataSet 10). https://www.justice.gov/epstein/files/DataSet%209/EFTA00720076.pdf
[^13]: "U.S. Virgin Islands Attorney General Settles Sex Trafficking Case Against Estate Of Jeffrey Epstein And Co-Defendants For Over $105 Million." *U.S. Virgin Islands Department of Justice,* December 1, 2022. https://usvidoj.com/u-s-virgin-islands-attorney-general-settles-sex-trafficking-case-against-estate-of-jeffrey-epstein-and-co-defendants-for-over-105-million/
[^14]: Carlson, Suzanne. "Still no resort plans for Epstein's islands purchased by Deckoff." *Virgin Islands Daily News,* February 6, 2026. https://www.virginislandsdailynews.com/news/still-no-resort-plans-for-epsteins-islands-purchased-by-deckoff/article_84d776de-8427-4080-a1b5-6cf81418e23d.html (Black Diamond Advisors and Black Diamond Holdings receiving EDC benefits since 2012).