JPMorgan Settles Landmark Epstein Scandal for $75 Million

JPMorgan Chase has agreed to pay a settlement of $75 million to the US Virgin Islands in a lawsuit involving the bank’s alleged facilitation of sex trafficking by Jeffrey Epstein, the notorious sex predator.

Epstein, who was a client of JPMorgan from 1998 to 2013, died by suicide while in custody. The lawsuit revealed significant deficiencies in the bank’s oversight of clients, including instances where employees urged the bank to sever ties with Epstein.

Despite these warnings, JPMorgan maintained its business relationship with Epstein, raising questions about the bank’s ethical standards and commitment to corporate responsibility.

JUST IN: JPMorgan Chase will pay $75 million to a victims’ fund as part of a settlement involving the late disgraced financier Jeffrey Epstein.

Epstein was found dead in his cell at New York City’s Metropolitan Correctional Center in 2019, where he was awaiting trial on sex… pic.twitter.com/epcH9GLZ40

— ABC News (@ABC) September 26, 2023

The lawsuit also revealed that Epstein owned two private islands in the US Virgin Islands, one of which was notoriously called ‘orgy island’ or ‘pedo island’.

It was on these islands that he allegedly exploited many young women and girls for his perverse activities. Epstein even purchased a nearby island to prevent outsiders from witnessing his misconduct.

In a surprising twist, JPMorgan argued that the US Virgin Islands also played a role in enabling Epstein’s sex trafficking. The bank claimed that the territory provided Epstein with tax incentives and waived monitoring requirements in exchange for cash and gifts to local officials, including a former first lady.

This settlement marks the final major legal case arising from Epstein’s crimes. In November, the US Virgin Islands reached a settlement of at least $105 million with Epstein’s estate. Deutsche Bank, where Epstein was also a client, reached a $75 million settlement with women who accused Epstein of sexual abuse.

BREAKING: JPMorgan to settle Jeffrey Epstein sex trafficking suit by U.S. Virgin Islands for $75 million pic.twitter.com/E3yHUhM7N6

— Insider Paper (@TheInsiderPaper) September 26, 2023

Ghislaine Maxwell, Epstein’s longtime partner and confidante, is currently serving a 20-year prison sentence after being found guilty of child sex trafficking and other offenses related to Epstein’s crimes.

The settlement includes $30 million for charity groups fighting against sex trafficking, $25 million for the territory’s government to support law enforcement, and $20 million in attorney fees. Although JPMorgan did not admit liability, it expressed deep regret for its association with Epstein.

This case highlights the responsibility that financial institutions have in preventing illegal activities. It emphasizes the need for strict oversight and due diligence in client relationships, especially when red flags are raised.

The significant settlement paid by JPMorgan sends a clear message that negligence will not be tolerated and that justice will be served, regardless of the power of the perpetrators involved.

This article appeared in Watch Dog News and has been published here with permission.