Jeffrey Epstein Withdrew up to $80k 'Several Times a Month' From JPMorgan Bank While Paying Girls for 'Massages' Despite Company Policy, Court Docs Reveal
July 27 2023, Published 8:21 p.m. ET
Jeffrey Epstein allegedly withdrew tens of thousands of dollars "several times a month" to pay for his habit of paying girls for "massages, and those responsible for handing out the cash reportedly violated their company's policy to keep him pleased, RadarOnline.com has learned.
The dead convicted criminal — whose estate's value was $630 million at the time of his death — held most of his money at JPMorgan's Private Bank division, which is reserved for only its uber-wealthy clientele.
According to a new lawsuit, Epstein started withdrawing alarming amounts of money — usually in $40k increments — from his account in 2006.
The documents obtained by Business Insider state that JPMorgan's Private Bank division's policy is to "discourage" large cash deposits and spending; however, Epstein was allowed to withdraw $97,152 in one November 2013 transaction from an account linked to his pedophile jet, the Lolita Express.
Between September 2003 and the end of 2013, Epstein took out more than $5 million in cash from his JP Morgan accounts, the suit, which was filed on Tuesday, claimed, citing it's the banker's responsibility to grill clients about why they would need so much cash.
The lawsuit also provided an excerpt of JPMorgan's guidelines, which stated, "It is the primary responsibility of the Banker to obtain explanations on the source of the cash and acceptability of the intended use of the case, and to assess the plausibility of these explanations for large cash transactions."
Epstein was found dead in his New York jail cell in 2019.
Here's where it gets messy. Epstein's sex-trafficking operation was the worst-kept secret. JPMorgan has been accused of being aware of what Epstein was doing — and not only ignored several red flags but didn't do anything to stop him.
The late businessman's reputation for coaxing young girls into giving him a massage and then sexually abusing them before paying them off with cash followed him. His famous friends were even accused of partaking in the sick fun.
Epstein — who died in 2019 in prison while awaiting his sex-trafficking trial — kept tens of millions of his assets at JPMorgan between 1998 and 2013. According to The Insider, a lot of that money was used to pay off over 100 girls he sexually abused.
The lawsuit provides further details about the allegations surrounding the bank.
The documents explain how JPMorgan staffers often joked about Epstein's love of young women and had expressed concern about his large — and frequent — cash withdrawals. It also states that the bank had reports noting the criminal investigations surrounding him and his abuse.
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"Cash withdrawals are routinely made in amounts for $40,000 to $80,000 several times a month, which total over $750,000 year to date," an employee memo from 2006 read, showing concern over his withdrawal history.
Despite all the red flags, Epstein — who was one of JPMorgan's Private Bank's most treasured clients — was still able to bypass the company's protocol and withdrawal chunks of cash allegedly used on the girls.
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JPMorgan has consistently denied having knowledge of his sex-trafficking ring.
"Any association with Epstein was a mistake and in hindsight we regret it, but we did not help him commit his heinous crimes," a representative for JPMorgan Chase told Insider. "We would never have continued to do business with him if we believed he was engaged in an ongoing sex trafficking operation."
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