JPMorgan private bank managed over $10million for Ghislaine MaxwellJuly 22, 2020
JPMorgan private bank managed at least $10million for Ghislaine Maxwell with the money handled by a team of several dozen relationship managers
- Ghislaine Maxwell, 58, had $10 million managed by JPMorgan bank, it is claimed
- Maxwell’s financial details have long been a source of great interest
- Her attorneys insist that she is not hugely wealthy, owing to years of law suits
- Prosecutors argue that she has hidden away significant sums
JPMorgan Chase private bank managed at least $10 million for Ghislaine Maxwell, the longtime associate of Jeffrey Epstein, it was reported on Wednesday.
The New York-based bank was also the long-time partner of Epstein, despite warnings from compliance officers in 2008 that he posed reputational damage to the institution.
Epstein, who had been charged with sex crimes and pleaded guilty in 2008 to solicitation of prostitution, remained a JPMorgan client until 2013. He had banked there for over 15 years, The New York Times reported.
Epstein, who met Maxwell around 1991, and with whom he was initially romantically involved, died by suicide in August 2019, while awaiting trial on sex trafficking charges.
Ghislaine Maxwell and Jeffrey Epstein, pictured in 2005. The pair were initially romantically linked, with their relationship later becoming that of assistant and patron
Bloomberg News reported the detail of Maxwell’s finances on Wednesday, citing two people familiar with the matter.
Maxwell’s money was handled by a team that included several dozen relationship managers, advisers and others who specialize in closely held businesses, Bloomberg reported.
JPMorgan declined to comment.
A lawyer for Maxwell, 58, was not immediately available for comment.
Maxwell faces six criminal charges, including four related to transporting minors for illegal sexual acts, and two for perjury in depositions about her role in Epstein’s abuses.
She has pleaded not guilty, and a tentative trial date has been set for July 2021.
If convicted, she faces 35 years in prison.
Ghislaine Maxwell pictured in October 2016, around the time she sold her Manhattan home
Maxwell is spending the next year in jail in part because her ‘opaque’ finances led the judge overseeing the case to conclude she was an extraordinary flight risk.
‘At a basic level, the defense argument is that she cannot remember off the top of her head just how many millions of dollars she has,’ said Alison Moe, Assistant U.S. Attorney, at Maxwell’s bail hearing last week.
DEUTSCHE BANK FINED OVER TIES TO JEFFREY EPSTEIN
New York regulators on July 7 fined Deutsche Bank $150 million and criticized the lender for ‘mistakes and sloppiness’ in its relationship with accused sex-trafficker Jeffrey Epstein.
Authorities said Deutsche Bank’s ‘significant compliance failures’ allowed Epstein to conduct hundreds of transactions totaling millions of dollars that should have prompted additional scrutiny.
The New York State Department of Financial Services said Deutsche Bank failed to detect ‘many subsequent suspicious transactions’ conducted by the late multimillionaire, who died in August 2019 while awaiting trial on federal sex trafficking charges.
The prosecutor said Maxwell’s claims to have less than $1 million in the bank and no monthly income was ‘implausible.’
She said the government was aware of a Swiss trust benefiting Maxwell that held over $4 million last month and in which a relative served as trustee.
Evidence of great wealth on Maxwell’s part, especially if the money came from Epstein, could bolster prosecutors’ depiction of her as fully complicit in his crimes.
Her lawyers have so far suggested Maxwell, 58, is less wealthy than many believe and sought to distance her from Epstein’s private-jet and private-island lifestyle.
At the bail hearing, prosecutors said they had identified more than 15 different bank accounts associated with Maxwell from 2016 to the present, with balances ranging from hundreds of thousands of dollars to more than $20 million.
She sold a Manhattan townhouse for $15 million in 2016 and still has one in London that she offered as a bail guarantee.
According to prosecutors, a New Hampshire estate where she was arrested on July 2 was actually purchased by Maxwell for $1 million in cash using a limited liability company.
At the hearing, Maxwell’s lawyer Mark Cohen insisted that the prosecution’s depiction of her as an extraordinarily wealthy woman posing extreme flight risk was wrong, and particularly rejected their allegations that she was ‘associated’ with 15 accounts.
‘No detail, no explanation to the court, just more dirt,’ Cohen said.
‘Well, she has three bank accounts that she disclosed.’
JPMorgan’s headquarters, on Park Avenue in New York City
He said it was possible there were other accounts related to a now-defunct non-profit that Maxwell formerly ran that they were willing to track down if the court deemed it important.
Cohen also said proceeds from Maxwell’s Manhattan townhouse sale have already been depleted due to various liabilities and expenses, including ‘extensive, substantial litigation.’
Maxwell in 2017 settled for undisclosed terms a defamation suit by Epstein victim Virginia Roberts-Giuffre and is now paying four lawyers to defend her against criminal charges.
In March, Maxwell sued Epstein’s estate to cover her legal costs, claiming he had always pledged to provide her with financial assistance.
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