The paperwork, a part of a cache launched by the U.S. Justice Division final month, present contemporary insights into the extent of UBS’ banking relationship with Maxwell, who was arrested in 2020 and located responsible in 2021 for her position in serving to Epstein sexually abuse teenage ladies. She is presently serving a 20-year jail sentence.
The paperwork, which embody emails and financial institution statements, present the Swiss lender opened private and enterprise accounts for Maxwell holding money, shares and investments in hedge funds. UBS assigned her two relationship managers, who then helped Maxwell transfer hundreds of thousands of {dollars} and accorded her different advantages the financial institution reserves for its rich purchasers.
In 2014, after JPMorgan closed Epstein’s accounts, UBS offered him with a bank card, an e-mail exhibits. Epstein had been jailed and pleaded responsible in 2008 to soliciting prostitution from an underage lady. That account was closed in September that yr.
Epstein’s accountant advised him UBS had taken the choice due to the “reputational danger,” an e-mail exhibits. However the financial institution continued its relationship with Maxwell regardless that her proximity to Epstein had been reported by a number of media, together with in an interview with the financier. UBS declined to reply to Reuters questions for this text, together with why it took on a consumer deemed excessive danger by one other financial institution.
There isn’t any proof of any wrongdoing on the a part of UBS or its advisers, and a few paperwork present the financial institution carried out due diligence earlier than transferring her accounts from JPMorgan. Reuters couldn’t study particulars of the diligence the financial institution did.
A lawyer for Maxwell didn’t reply to a request for remark. MAXWELL IS INTRODUCED TO UBS
Epstein and Maxwell had banked with JPMorgan for years, however the largest U.S. lender began getting involved about dangers of coping with them within the years following Epstein’s 2008 conviction.
In 2011, whereas conducting know-your-customer checks, JPMorgan suggested internally that Maxwell be flagged as a “Excessive Threat Consumer” over her hyperlinks to Epstein, separate U.S. court docket paperwork present. In 2013, JPMorgan determined to shut Epstein’s account.
JPMorgan flagged in Epstein’s historical past that ” er financial institution coverage, felons [like Epstein] are thought of excessive danger and require extra approval,” in keeping with a court docket submission by the U.S. Virgin Islands in opposition to JPMorgan in federal court docket in New York. JPMorgan settled the case for $75 million in 2023. JPMorgan, which has denied data of Epstein’s crimes, declined to remark. The financial institution declined to say when and why it closed Maxwell’s accounts.
In December 2013, David Wassong, then a accomplice at Soros Personal Fairness Companions, launched Maxwell to UBS, in keeping with an e-mail change.
“I’ve cced certainly one of my finest associates named Ghislaine maxwell (sic). She is wanting for a brand new wealth supervisor, and I advised her she needed to meet you,” Wassong wrote.
On February 14, 2014, an e-mail with the names redacted urges UBS to “expedite this transition from JPMorgan.”
“Ghislaine is leaving for over a month subsequent week so she actually must get this moved over / paperwork signed earlier than her departure. Additionally, she wish to converse to you to introduce herself, and so on,” the e-mail reads.
In response, UBS representatives stated that they had reviewed paperwork submitted by her and had some follow-up questions as they processed the transfer to the financial institution.
Wassong didn’t reply to a request for remark about his dealings with Maxwell. Quickly after, UBS had opened an account and Maxwell used it for her private bills and companies, together with her charity TerraMar Challenge, in addition to for entities known as Ellmax, Pot & Kettle, Max Basis and Max Resort Providers, the paperwork present. As early as February 2014, Maxwell had practically $2 million in certainly one of her UBS accounts. Maxwell instructed the financial institution on tips on how to transfer her money. In a single request in 2016, Maxwell requested the financial institution to make a $2.5 million cost to Scott Borgerson, to whom she was married that yr.
On July 22, 2019, 16 days after Epstein’s arrest, UBS moved $130,000 on Maxwell’s request from her financial savings to her checking account to assist pay an American Specific card invoice, the paperwork present.
Borgerson didn’t reply to a LinkedIn message requesting remark.
On August 16, 2019, the month after Epstein’s arrest, UBS obtained a Grand Jury Subpoena on Maxwell, in keeping with a letter from UBS to the Federal Bureau of Investigation. UBS offered the FBI with info on wire transfers, in keeping with the letter.
Reuters couldn’t decide when – and if – UBS had closed Maxwell’s accounts.
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