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20 - ORGANIZATIONS/PRIVATE/JPMorgan Chase.md
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@ -51,7 +51,7 @@ A May 2003 due-diligence report stated that "Jeffrey Epstein, through the tradin
After the 2006 arrest the bank's Rapid Response Team met on October 17, 2006 and, "after internal discussion with Jes Staley, Mary Erdoes, Catherine Keating, John Duffy and Mary Casey," decided to "keep Mr. Epstein solely as a banking client and on a 'reactive', client service basis," not proactively soliciting new investment business from him. His balances rose from about 32 million dollars in October 2006 to about 121.5 million dollars by July 2008 and 156 million dollars in September 2008. An August 28, 2008 email from Casey counted his assets as a probable outflow "as I can't imagine it will stay (pending Dimon review)." A 2009 due-diligence report recorded that after his conviction "Jes Staley conferred with Stephen Cutler and the decision was made to keep Mr. Epstein as a PB client," for "banking and custody only," with brokerage execution withdrawn.[^4][^7] In 2005 the bank had approved a one million dollar standby letter of credit in Epstein's name backing a [[Mellon United National Bank]] loan to [[MC2 Model Management]], the agency of [[Jean-Luc Brunel]], and renewed it on annual review; a 2011 report by the bank's Global Corporate Security division said it was "unknown if the money was given as a secret investment or payment for services as a procurer."[^4][^7]
The chronological log of the [[Operation Leap Year]] investigation kept by the [[U.S. Attorney's Office for the Southern District of Florida]] records a grand jury subpoena to Chase returnable August 18, 2006, issued alongside subpoenas to [[Colonial Bank]], [[Washington Mutual]] and [[Capital One]] and to Epstein's aviation companies Hyperion Air, Inc. and JEGE, Inc.; a subpoena to "JP Morgan Chase" returnable March 6, 2007; and a subpoena to Chase Bank USA, N.A. returnable April 24, 2007. The same log lists subpoenas to [[Financial Trust Company]], Inc., returnable June 12, 2007, and to [[Bear Stearns]], returnable September 4, 2007, and an April 2007 email between Assistant U.S. Attorney [[Ann Marie Villafana]] and the Justice Department's money-laundering specialist [[Stefan Cassella]] "re money laundering question."[^9] On September 21, 2012 Epstein's bookkeeper Harry Beller faxed JPMorgan a memorandum directing it to wire 5,000 dollars from Epstein's account, for further credit to the St. Thomas law firm Kellerhals Ferguson LLP, referenced to the Southern Trust Company application fee; Epstein's September 2012 JPMorgan statement records the debit as "Southern Trust Company Application Fee." [[Southern Trust Company]] applied for its Virgin Islands tax benefits the following month.[^10]
The chronological log of the [[Operation Leap Year]] investigation kept by the [[U.S. Attorney's Office for the Southern District of Florida]] records a grand jury subpoena to Chase returnable August 18, 2006, issued alongside subpoenas to [[Colonial Bank]], [[Washington Mutual]] and [[Capital One]] and to Epstein's aviation companies Hyperion Air, Inc. and JEGE, Inc.; a subpoena to "JP Morgan Chase" returnable March 6, 2007; and a subpoena to Chase Bank USA, N.A. returnable April 24, 2007. The same log lists subpoenas to [[Financial Trust Company]], Inc., returnable June 12, 2007, and to [[Bear Stearns]], returnable September 4, 2007, and an April 2007 email between Assistant U.S. Attorney [[Ann Marie Villafana]] and the Justice Department's money-laundering specialist [[Stefan Cassella]] "re money laundering question."[^9] On September 21, 2012 Epstein's bookkeeper Harry Beller faxed JPMorgan a memorandum directing it to wire 5,000 dollars from Epstein's account, for further credit to the [[St. Thomas]] law firm Kellerhals Ferguson LLP, referenced to the Southern Trust Company application fee; Epstein's September 2012 JPMorgan statement records the debit as "Southern Trust Company Application Fee." [[Southern Trust Company]] applied for its Virgin Islands tax benefits the following month.[^10]
In December 2010 anti-money-laundering official [[Philip DeLuca]] wrote to the bank's AML director [[William Langford]] about "that scum Epstein," and Langford replied, "Let me know if McCleerey waffles on Epstein. No patience for this." In January 2011 Langford asked the private bank to re-evaluate its sponsorship of Epstein and "request re-approval from Steve Cutler if we wanted to retain"; the banker [[Paul Morris]] answered, "I thought we decided this was not necessary." A 2011 email recorded that AML operations had asked at a private-bank risk meeting "that we exit this relationship," that no one on a later call favored keeping him, "Seems it is all due to Jes's personal relationship," and that he had "about 212 mil in the bank." In August 2010 [[Alan Greenberg|Alan "Ace" Greenberg]], the former Bear Stearns chairman who had mentored Epstein there, asked Cutler for an exception to the bank's felon policy to keep doing business with him.[^4][^7]
@ -75,7 +75,7 @@ The Virgin Islands' forensic accountant found that Epstein withdrew more than 7
### The 2023 Litigation Before Judge Rakoff
Two suits proceeded against JPMorgan in the Southern District of New York before Judge Rakoff. One was brought by a survivor identified as Jane Doe 1 on behalf of a class of women abused by Epstein, alleging the bank knowingly benefited from and facilitated his sex trafficking.[^2] The other was brought by the Government of the United States Virgin Islands, where Epstein owned [[Little Saint James]], alleging the bank ignored red flags about his conduct on the island.[^3] Both suits asserted that JPMorgan kept Epstein despite documented internal concern and processed transactions that supported the abuse.[^2][^3]
Two suits proceeded against JPMorgan in the [[U.S. Attorney's Office for the Southern District of New York|Southern District of New York]] before Judge Rakoff. One was brought by a survivor identified as Jane Doe 1 on behalf of a class of women abused by Epstein, alleging the bank knowingly benefited from and facilitated his sex trafficking.[^2] The other was brought by the Government of the [[U.S. Virgin Islands|United States Virgin Islands]], where Epstein owned [[Little Saint James]], alleging the bank ignored red flags about his conduct on the island.[^3] Both suits asserted that JPMorgan kept Epstein despite documented internal concern and processed transactions that supported the abuse.[^2][^3]
On March 9, 2023 JPMorgan filed a third-party complaint against Staley within the Virgin Islands action, asserting indemnification, contribution, breach of fiduciary duty, and "faithless servant" claims and seeking to recover compensation paid to him from at least 2006 through 2013.[^18] The complaint alleged Staley had concealed his personal activities with Epstein and misrepresented Epstein's character to the bank.[^18] Staley moved to dismiss, contending the bank was using him as a "shield" for its own failures.[^19]
@ -87,7 +87,7 @@ Dimon was deposed on May 26, 2023 at the bank's Madison Avenue offices. He testi
On July 22, 2019, the day *[[The New York Times]]* published "Jeffrey Epstein's Deep Ties to Top Wall Street Figures," Peter Neilson, the bank's Global Head of Financial Crimes Compliance, wrote to two chief compliance officers: "Have been working on this (Epstein et al) today. Top of house requested that we expand our analysis to related parties and put together slides. Should have in a few days. We are treating it as a project at this point. There is a highbridge angle and one dating back to Bear." The project was named Project Jeep. On October 27, 2019 a compliance officer circulated a 22-page "summary of the e-comms review that Trade Surveillance conducted regarding Epstein and Staley," with a note that a colleague had built "a timeline combining the e-comms with the relevant transactional activity"; compliance manager Howard Maleton forwarded it the next day under the subject "Project Jeep Current Review."[^22][^23]
The summary grouped the emails by topic. Its headings stated that "Jes Staley appears to have a close relationship with Jeffrey Epstein, regularly communicating with him and seeking advice from him including while Epstein is incarcerated"; that Epstein "appears to maintain relationships with a number of senior business executives and senior government officials globally"; that he "appears to maintain a particularly close relationship with [[Prince Andrew]] ... and Lord Peter Mandelson, a senior member of the British Government. He also appears to have a close relationship with [[Sultan Ahmed bin Sulayem|Sultan Ahmed Bin Sulayem]] who is a senior [[United Arab Emirates|UAE]] official involved in ownership of the Dubai Ports"; that "Beginning in 2011 Jes Staley and Mary Erdoes have regular communication with Jeffrey Epstein relating to certain strategic initiatives and business proposals"; and that certain messages concerned "lawsuits and litigation involving Epstein, JPMC, Bear Stearns, Highbridge, Zwirn etc." Under the heading on "inappropriate behavior with one reference between Epstein and Staley to a modeling agency," the reviewers paired an August 27 to 29, 2009 exchange, in which Staley wrote that he would be "In London with Jamie, mid week," Epstein asked "Do you need anything there?" and Staley replied "Yep," with a 3,000 dollar wire sent from Epstein's JPMorgan account on August 29, 2009 to a woman in [[Lithuania]] associated with a ballet company there, who had received 2,000 dollars from Epstein on January 8, 2009.[^22][^23] The Government of the United States Virgin Islands told the court that the summary set out "more than four pages of Epstein referrals to JPMorgan," including [[Andrew Farkas]], Nikolic, Gates and Mandelson, and that Dimon had testified, "We did not need introductions to anybody."[^22]
The summary grouped the emails by topic. Its headings stated that "Jes Staley appears to have a close relationship with Jeffrey Epstein, regularly communicating with him and seeking advice from him including while Epstein is incarcerated"; that Epstein "appears to maintain relationships with a number of senior business executives and senior government officials globally"; that he "appears to maintain a particularly close relationship with [[Prince Andrew]] ... and Lord Peter Mandelson, a senior member of the British Government. He also appears to have a close relationship with [[Sultan Ahmed bin Sulayem|Sultan Ahmed Bin Sulayem]] who is a senior [[United Arab Emirates|UAE]] official involved in ownership of the [[DP World|Dubai Ports]]"; that "Beginning in 2011 Jes Staley and Mary Erdoes have regular communication with Jeffrey Epstein relating to certain strategic initiatives and business proposals"; and that certain messages concerned "lawsuits and litigation involving Epstein, JPMC, Bear Stearns, Highbridge, Zwirn etc." Under the heading on "inappropriate behavior with one reference between Epstein and Staley to a modeling agency," the reviewers paired an August 27 to 29, 2009 exchange, in which Staley wrote that he would be "In London with Jamie, mid week," Epstein asked "Do you need anything there?" and Staley replied "Yep," with a 3,000 dollar wire sent from Epstein's JPMorgan account on August 29, 2009 to a woman in [[Lithuania]] associated with a ballet company there, who had received 2,000 dollars from Epstein on January 8, 2009.[^22][^23] The Government of the United States Virgin Islands told the court that the summary set out "more than four pages of Epstein referrals to JPMorgan," including [[Andrew Farkas]], Nikolic, Gates and Mandelson, and that Dimon had testified, "We did not need introductions to anybody."[^22]
JPMorgan produced the summary on May 28, 2023, near the close of discovery. The Virgin Islands' counsel, [[Motley Rice]], moved on June 7, 2023 to recall Dimon, depose Maleton and compel production of Bear Stearns records, citing late-produced emails showing that Alan "Ace" Greenberg had gone to general counsel Stephen Cutler "for an exception to the felony policy" for Epstein, a January 19, 2011 message from a JPMorgan Securities employee to Epstein ("Ace would love to speak to Jeffrey") that the bank had not produced as outside the "negotiated scope of search," and a 2008 email stating that "JPM requires top of the house ok for clients who are convicted felons. (ie PCS Legal to Asset Mgt Legal to Cutler to Jaime Daimnon [sic])."[^22] The bank's counsel, [[WilmerHale]], answered on June 9, 2023 that the summary was compiled after Epstein's death by employees with "no contemporaneous knowledge" of the relationship, that 216 of its 222 underlying emails had been produced months earlier, that Dimon had testified he did not recognize the name "Project Jeep" and had instructed the general counsel to "do everything" to establish the facts, that the author of the 2019 email had confirmed "top of house" meant then general counsel [[Stacey Friedman]], and that a follow-up sent eight minutes after the 2008 email showed "top of the house" there referred to Cutler. It confirmed that after Epstein's 2008 plea "people from legacy Bear Stearns, including Mr. Greenberg," may have approached Cutler about the policy requiring general counsel approval to keep a brokerage account for a felon, a decision "made by Mr. Cutler," and said there was "no evidence that Mr. Greenberg had anything to do with Epstein's accounts at the Private Bank."[^24] In August 2023, on a separate motion filed July 18, 2023, Judge Rakoff ordered the bank to produce financial records for newly identified women Epstein had paid, and denied the request "to compel production of all documents and information concerning 'Project Jeep' or other investigations by JPMorgan that occurred after Epstein's 2019 arrest."[^25]