JPMorgan wealth CEO Erdoes says bank knew of Epstein sex accusations in 2006, USVI alleges

by | Apr 12, 2023 | Financial

Charges against Jeffrey Epstein were announced on July 8, 2019 in New York City. Epstein will be charged with one count of sex trafficking of minors and one count of conspiracy to engage in sex trafficking of minors.Stephanie Keith | Getty Images News | Getty ImagesJPMorgan Chase was aware in 2006 of accusations that disgraced former financier Jeffrey Epstein paid to have underaged girls brought to his home, according to the latest allegations in a high-profile legal case.A filing released Wednesday as part of a lawsuit begun last year by the U.S. Virgin Islands contained fresh revelations about internal discussions at the biggest U.S. bank by assets tied to Epstein, who died by apparent suicide in 2019.Mary Callahan Erdoes, a veteran JPMorgan executive who became head of the bank’s giant asset and wealth management division in 2009, was recently interviewed under oath in the case.She “admitted in her deposition that JPMorgan was aware by 2006 that Epstein was accused of paying cash to have underage girls and young women brought to his home,” according to the filing.Erdoes was referring to accusations gleaned from news reports, according to a person with knowledge of the matter. New York-based JPMorgan declined to comment on the filing.The latest filing details the extent to which JPMorgan executives wrestled with thorny questions tied to banking Epstein, who was convicted of sex crimes in 2008. Despite concerns raised in 2006, the bank served Epstein for another seven years. The scope of the case appeared to have widened in recent weeks as a series of bold-faced names from the business world, including Google founder Sergey Brin and former Disney executive Michael Ovitz were set to be served subpoenas in the case.’Without merit’Late last year, the U.S. Virgin Islands and a group of alleged Epstein victims sued JPMorgan, accusing it of facilitating the sex offender’s crimes. JPMorgan went from initially defending a former executive, ex-investment banking chief Jes Staley, to blaming him for any fallout …

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