JPMorgan Chase reportedly disclosed to the U.S. government that it had identified over $1 billion in transactions linked to “human trafficking” involving the late financier Jeffrey Epstein, dating back to 2003, according to a lawyer representing the U.S. Virgin Islands. The Wall Street bank reported these suspicious financial activities to the Treasury Department in 2019, following Epstein’s suicide.
During a recent hearing in the U.S. Virgin Islands’ lawsuit against JPMorgan Chase, attorney Mimi Liu asserted that Epstein’s entire business relationship with the bank was centered on human trafficking, and the bank only reported the suspicious transactions after Epstein’s arrest and death.
JPMorgan Chase and the Treasury Department have not yet responded to these allegations. This revelation emerged during discussions about whether the judge should issue a summary judgment against the bank prior to the trial, scheduled for the following month. The U.S. Virgin Islands is seeking at least $190 million in damages from the bank, accusing it of enabling Epstein’s sex trafficking activities during his years as a JPMorgan Chase client.
JPMorgan Chase had previously reached a $290 million settlement with Epstein’s victims in a similar lawsuit. Liu also highlighted that the bank handled $9 million in transfers linked to Epstein’s activities and suspicious cash withdrawals from his accounts, suggesting that these facilitated over “20,000 unlawful sex acts” with JPMorgan’s involvement.
A lawyer for JPMorgan Chase countered, stating that the bank had flagged Epstein’s financial activities to the Treasury Department multiple times, including as early as 2002, and that there was no response or action from the federal government. The bank also argued against a summary judgment, noting that several current and former employees testified that they had no knowledge of Epstein’s sex trafficking enterprise.
The judge is expected to make a decision on the summary judgment by the end of the month.
By FCCT Editorial Team
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