An explosive new lawsuit brought by the U.S. Virgin Islands Attorney General Denise George has accused banking behemoth JP Morgan Chase of turning “a blind eye” to Jeffrey Epstein’s heinous human sex-trafficking operations, which allegedly represented the “principal business” of the now-deceased pedophile’s accounts with the institution.
According to the suit, filed on Tuesday, JP Morgan “knowingly facilitated, sustained, and concealed the human trafficking network operated by Jeffrey Epstein” and “financially benefitted from this participation,” the Insider reports.
“JP Morgan knowingly, negligently, and unlawfully provided and pulled the levers through which recruiters and victims were paid and was indispensable to the operation and concealment of the Epstein trafficking enterprise,” the more than 100-page lawsuit asserts.
Southern Trust was the name given to one of the JP Morgan accounts. Epstein claimed the business offered “cutting-edge consulting services.”
That, alleges the lawsuit, was a lie.
Instead, Southern Trust’s true purpose was to act as “a conduit for payment to foreign women, credit cards, airplanes, and other instrumentalities,” the lawsuit claims.
The suit goes on to allege that Epstein’s perverse abuse and sex-trafficking conspiracy to groom “young women and underage girls to engage in commercial sex acts” was an open secret among the bank and its employees, who actively covered up their role in the nightmarish saga by failing to comply with “red flag” laws.
The section of the lawsuit that details JP Morgan’s willingness to look the other way, the Insider notes, “is heavily redacted.”
“JP Morgan ignored numerous red flags and failed to comply with federal banking regulations until years later after JP Morgan was no longer benefiting from Epstein’s business,” the lawsuit alleges.
According to the complaint, the bank ignored the evidence for “more than a decade because of Epstein’s own financial footprint, and because of the deals and clients that Epstein brought and promised to bring to the bank,” NPR reports.
JP Morgan “facilitated and concealed wire and cash transactions that raised suspicion of — and were in fact part of — a criminal enterprise whose currency was the sexual servitude of dozens of women and girls in and beyond the Virgin Islands,” the suit alleges.
Senior-level executives of JP Morgan are implicated in the complaint.
“The decisions to keep Epstein as a client, and to move his money around, were ‘advocated and approved at the senior levels of JP Morgan,’ including by a former chief executive of its asset management division who had an ‘inappropriate relationship with Epstein,'” Insider reports.
“Details related to that official, Jes Staley, were redacted from the lawsuit,” the outlet continues. “According to an investigation by British regulators, Staley and Epstein exchanged over 1,200 emails between 2008 and 2012. Staley stepped down from his position as CEO of Barclays in 2021 as he disputed how the regulators characterized his relationship with Epstein.”
According to the lawsuit, JP Morgan concealed its conduct by failing to comply with “red flag” laws.
— Jacob Shamsian ⚖️ (@JayShams) December 29, 2022
JP Morgan, along with Deutsche Bank, were also named in November lawsuits filed by an anonymous “Jane Doe.”
Doe’s suits claim both financial institutions reaped benefits from Epstein’s sex-trafficking operation.
Tuesday’s filing follows an announcement from the Virgin Islands just weeks ago that the territory reached a $105 million settlement with Epstein’s estate that aimed to recoup “more than $80 million in economic development tax benefits that Epstein and his co-defendants fraudulently obtained to fuel his criminal enterprise,” according to a statement on Dec. 1 from George’s office.
The settlement also awards half of the proceeds from the sale of the notorious Little St. James island “on which Epstein resided and on which many of his crimes occurred” to the U.S. Virgin Islands.
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