Internal emails and court documents reveal that JPMorgan Chase executives were aware of Jeffrey Epstein's alleged involvement in sex trafficking and money laundering for years, yet the bank continued to do business with him.
Despite multiple red flags, including Epstein's arrest in 2006 and his "high-risk" client designation in 2006, JPMorgan maintained its relationship until 2013. Senior compliance officers raised alarms as early as 2011, noting Epstein's suspicious transactions and payments to young women.
The bank has since agreed to a $290 million settlement in a class-action lawsuit filed by Epstein's victims and is facing further legal action from the US Virgin Islands. JPMorgan denies turning a blind eye, attributing the prolonged relationship to a mistake and expressing regret, while also pointing to Jes Staley, former head of private banking, as a key figure in maintaining the ties.
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