Mary Erdoes, a bank executive at JPMorgan Chase, said she had been made aware of Jeffrey Epstein’s status as a sex offender but didn’t think it was her job to remove him as a client.
The lawsuits against the investment banks concern the extent to which various people in Epstein’s orbit are accused of enabling the sprawling sex trafficking operation that led to his arrest in 2019, or at least looking the other way — and profiting — when they should have intervened. U.S. Virgin Islands attorneys say JPMorgan “knowingly facilitated, sustained, and concealed” Epstein’s human trafficking network, while profiting from deals and clients Epstein brought into the bank.
“When you have a lot of red flags come up, it’s one of those things where the senior executives certainly have some obligation to be talking to each other and figuring out what’s going on,” Chaffee said. “Ultimately, there does come a point where the bank, the financial institution, becomes outright complicit in regard to the crime.”Wexler said that the bank regretted doing business with Epstein and “in hindsight, any association with him was a mistake.
By 2008, Epstein had $121 million in accounts with JPMorgan, records read during the deposition show. But Epstein, a prodigious money manager, sought to bring the bank more business, according to legal filings, and profit from fees associated with the work.Throughout that period, according to filings, Epstein benefited from the friendship and internal advocacy of Staley, who preceded Erdoes as head of JPMorgan’s wealth management unit.
In a legal filing last month, Staley’s attorneys said JPMorgan’s claims amount to “provocative media fodder,” but “never explain how an employee [Staley] who is not alleged to have had decision-making authority over Epstein’s accounts — and who is not alleged to have seen any of the suspicious account activity that other JPMorgan employees ignored — caused the plaintiffs’ alleged injuries.”
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