Latest / The Epstein Chronicles / Ron Wyden’s Report on Wall Street and Jeffrey Epstein (Part 6) (8/18/26)

Transcript

Ron Wyden’s Report on Wall Street and Jeffrey Epstein (Part 6) (8/18/26) · The Epstein Chronicles

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  Speaker 1: What's up, everyone, and welcome back to another episode of
• 0:03
  Speaker 1: the Epstein Chronicles. In this episode, we're getting right back
• 0:06
  Speaker 1: to this Ron Wyden financial report on Jeffrey Epstein f
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  Speaker 1: email show JPMC Private Bankers without information on Epstein's suspicious
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  Speaker 1: activity from jpmc's compliance department. On July eighteenth, twenty thirteen,
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  Speaker 1: Compliance executive Mary Ann Ryan emailed de Luca with the
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  Speaker 1: subject line Epstein More info found and fact that the
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  Speaker 1: bank had identified another eight hundred thousand in previously on
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  Speaker 1: a reported cash withdrawals from Epstein's accounts from two thousand
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  Speaker 1: and nine and twenty thirteen. Philip de Luca, a JPMC
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  Speaker 1: Managing director from the bank's compliance department, indicated in his
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  Speaker 1: response that these transactions would have been reported through stars,
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  Speaker 1: and Ryan responded, yes. Issue is Epstein never really stopped
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  Speaker 1: the large cash withdrawals. The Luca succinctly wrote back, shouldn't
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  Speaker 1: the business have been telling us this? G The former
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  Speaker 1: CEO JPMC US Private Bank, John Duffy, counseled Epstein on
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  Speaker 1: how to execute suspicious cash withdrawals to avoid reporting requirements.
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  Speaker 1: Unsealed records include internal JPMC emails documenting top JPMC executive
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  Speaker 1: John Duffy's involvement in Epstein's transactions. Duffy, at the time
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  Speaker 1: was the CEO of jpmc's US private bank and was
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  Speaker 1: aware of Epstein's habit of withdrawing unusually large amounts of cash.
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  Speaker 1: In a series of March twenty twelve emails, Duffy corresponded
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  Speaker 1: with Bonnie Perry, a JPMC Risk management executive, regarding Epstein's
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  Speaker 1: cash withdrawal activity. In these emails, Duffy stated that he
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  Speaker 1: personally asked Epstein to stop withdrawing so much cash from
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  Speaker 1: accounts in his own name and asked instead to do
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  Speaker 1: it from his aviation accounts. After Perry flagged one hundred
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  Speaker 1: and sixty thousand in cash withdrawals by Epstein from August
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  Speaker 1: twenty eleven through August twenty twelve to allegedly pay for
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  Speaker 1: jet fuel expenses, Duffy responded, this is a better pattern
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  Speaker 1: than I thought. I'd ask him to withdraw his cash
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  Speaker 1: from his aviation account for these payments. Duffy also suggested
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  Speaker 1: following up with Harry Beller, Epstein's accountant who we know,
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  Speaker 1: to follow up on Epstein's suspicious withdrawals of cash. However,
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  Speaker 1: in twenty thirteen, Mary Anne Ryan, a JPMCVP for compliance
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  Speaker 1: investigations reviewing Epstein's activity, noted that traveling abroad to pay
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  Speaker 1: for fuel is not normal business practice. She also noted
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  Speaker 1: that Epstein has been known to pay cash for his massages,
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  Speaker 1: but only miners are the issue and we have no proof.
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  Speaker 1: The compliance executives also pointed out that it was unusual
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  Speaker 1: for Epstein to withdraw so much cash to pay for
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  Speaker 1: jet fuel, especially because Epstein maintains multiple homes and likely
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  Speaker 1: is not always leaving the country from New York where
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  Speaker 1: the cash is being withdrawn. Despite this internal documentation of
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  Speaker 1: suspicious activity, JPMC did not file a contemporaneous suspicious activity
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  Speaker 1: report h JPMC executives were aware of risk pose by
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  Speaker 1: Glenn Maxwell's close ties to Epstein. Internal JPMC emails include
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  Speaker 1: evidence that senior JPMC executives were aware of potentially significant
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  Speaker 1: risks arising from Maxwell's close ties to Epstein. Maxwell maintained
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  Speaker 1: accounts exceeding ten million at JPMC and their accounts were
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  Speaker 1: included by JPMC bankers in the Epstein relationship. According to
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  Speaker 1: the emails, in August of twenty eleven, Maxwell sought to
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  Speaker 1: open an account for a new entity that would be
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  Speaker 1: involved in the personal recruitment business. A senior compliance executive
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  Speaker 1: express concern that this could be linked to potential human
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  Speaker 1: trafficking tie to Epstein. The compliance executive stated that he
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  Speaker 1: had trouble seeing why they would do more business with Maxwell,
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  Speaker 1: especially if this personnel recruitment is tied to Jeffrey nine.
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  Speaker 1: After forcing him from the bank, JPMC continued activity with
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  Speaker 1: Ebstein and the later reporting of his suspicious activity to
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  Speaker 1: the US Treasury Department. In response to inquiries from Senator Widen,
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  Speaker 1: JPMC emphasized that it ended its relationship with Ebstein when
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  Speaker 1: they fired him as a client of the bank in
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  Speaker 1: twenty thirteen. However, according to unsealed documents, JPMC continued to
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  Speaker 1: eagerly work with Ebstein after exiting his accounts in order
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  Speaker 1: to gain access to Leon Black and other billionaires. According
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  Speaker 1: to records in August of twenty thirteen, Mary Erdos and
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  Speaker 1: other senior JPMC executives blessed efforts to continue working with
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  Speaker 1: Epstein even after he was asked to leave the bank.
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  Speaker 1: Emails showed that Erdos signed off on working with Epstein
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  Speaker 1: on matters related to billionaire Leon Black, even as they
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  Speaker 1: were in the process of ending Epstein's client relationship. On
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  Speaker 1: August fourteenth, twenty thirteen, JPMC executive John Duffy emailed Erdos
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  Speaker 1: and indicated that Epstein would be Leon's primary advisor and
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  Speaker 1: that he told Epstein that he would work with him
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  Speaker 1: as long as it was through the client accounts. JE
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  Speaker 1: entities would not be acceptable. That's okay, right, Erdos responded yes.
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  Speaker 1: Duffy went even further, describing the old Epstein had over Black,
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  Speaker 1: telling Erdos that Epstein maintains he'll become Leon's primary advisor
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  Speaker 1: and will be calling all the shots. Similarly, in August
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  Speaker 1: of twenty thirteen, a chain of emails between Erdos, Duffy,
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  Speaker 1: and JPMC banker Justin Nelson discussed how to handle an
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  Speaker 1: inquiry from Leon Black's family office, which originated from a
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  Speaker 1: referral by Epstein. Dse email suggests that JPMC understood that
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  Speaker 1: even though Epstein could no longer be a direct client
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  Speaker 1: of JPMC, he had a valuable, long standing relationship with
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  Speaker 1: Leon Black. The email chain also references the dubious estate
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  Speaker 1: planning Epstein provided Black, Yet instead of scrutinizing the relationship
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  Speaker 1: or cutting off the Epstein ties altogether, Duffy simply ends
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  Speaker 1: the email with more to come Furthermore. In the months
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  Speaker 1: and years after JPMC formally ended its client relationship with Epstein,
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  Speaker 1: JPMC banker Justin Nelson continued to seek out meetings and
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  Speaker 1: phone calls with Epstein to get hisself landing additional business
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  Speaker 1: with Leon Black. In twenty fourteen, Nelson began emailing Epstein's
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  Speaker 1: assistant to find the time to meet with Epstein to
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  Speaker 1: discuss Leon Bees' family office. Other emails in twenty fourteen
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  Speaker 1: indicate that Nelson was involved in business development efforts and
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  Speaker 1: that he was struggling to get going, and remarked to
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  Speaker 1: a colleague, maybe I should go see Jaye. In May
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  Speaker 1: of twenty fifteen email, Nelson was even more direct with
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  Speaker 1: Epstein about his desire to do business with Leon Black.
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  Speaker 1: Through Epstein, Nelson wrote to Epstein Jeffrey the follow up
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  Speaker 1: a line of credit for Leon at jpm Nelson met
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  Speaker 1: with Epstein at his New York townhouse at least six
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  Speaker 1: times between twenty fourteen and twenty eighteen, and even visited
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  Speaker 1: Epstein at his ranch in New Mexico. Nelson remains employed
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  Speaker 1: as a managing director and head of asset Management and
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  Speaker 1: financial Principle coverage team for JP Morgan Private Bank in Connecticut.
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  Speaker 1: Former JPMC banker Paul Barrett also met with Epstein numerous
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  Speaker 1: times in twenty fourteen and beyond in pursuit of business
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  Speaker 1: with Leon Black. On August thirteenth, twenty fourteen, Epstein email Barrett,
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  Speaker 1: we are set now for Leon ten million was wired yesterday,
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  Speaker 1: to which Barrett replied to Epstein, do you want to
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  Speaker 1: meet Leon together? Another email suggests that Epstein believe Barrett
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  Speaker 1: was so eager to work with Leon Black that he
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  Speaker 1: take directions from Epstein on the matter. In an email
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  Speaker 1: from Epstein to the head of Leon Black's family office,
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  Speaker 1: Epstein writes, Paul Barrett will do as I say. In
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  Speaker 1: addition to Black, JPMC bankers also sought to work with
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  Speaker 1: Epstein in pursuit of business with Microsoft founder Bill Gates.
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  Speaker 1: According to don sealed records, Epstein met numerous times with
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  Speaker 1: Jess Staley and Mary Erdos as part of an effort
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  Speaker 1: to establish a major donor advised fund for Bill and
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  Speaker 1: Mullindagate's foundation. JPMC profited heavily from Epstein's close personal ties
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  Speaker 1: to hedge fund manager Glen Dubin, the founder of Highbridge Capital.
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  Speaker 1: Epstein introduced JPMC executive Jess Staley to Glen Dubin and
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  Speaker 1: appears to have facilitated the sale of a controlling stake
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  Speaker 1: in Highbridge to JPMC in two thousand and four, shortly
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  Speaker 1: after JPMC acquired Hybridge. Highbridge assets under management more than
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  Speaker 1: quintoup tuppled in value. JPMC paid Epstein a fifteen million
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  Speaker 1: dollar fee for introducing JPMC to Dubin and helping broker
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  Speaker 1: the Highbridge deal. Stars filed by JPMC also identified numerous
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  Speaker 1: transactions between Epstein and the Dubin family, thought the details
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  Speaker 1: of those transactions remained confidential. Epstein was known to be
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  Speaker 1: very close to the Dubin family and his wife the Dubins,
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  Speaker 1: and was a godfather to Dubin's children. Epstein also named
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  Speaker 1: Dubin's wife, Eva Anderson Dubin as the beneficiary of his estate,
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  Speaker 1: a bequest she later requested. According to Epstein's pilot logs
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  Speaker 1: that have previously been made public, one or both of
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  Speaker 1: the Dubins flew on Epstein's planes at least eighteen times,
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  Speaker 1: with Glen Maxwell accompanying the Dubins at least thirteen of
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  Speaker 1: those flights. Even after Epstein went to jail for underage prostitution,
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  Speaker 1: the Dubins hosted Epstein in their home for a Thanksgiving holiday.
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  Speaker 1: Before the holiday, Eva Anderson Dubin wrote to Epstein's probation
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  Speaker 1: officer that she was one hundred percent comfortable with Epstein
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  Speaker 1: around their children. These ongoing relationships Epstein maintained with billionaires
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  Speaker 1: created an instan inventive for JPMC to intentionally delay reporting
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  Speaker 1: the full extent of Epstein's suspicious transactions to the US
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  Speaker 1: government to protect Epstein as a source of referrals for
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  Speaker 1: business with other ultra wealthy individuals. The reasoning for jpmc's
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  Speaker 1: six year delay in reporting Epstein's transactions merits Full Investigation,
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  Speaker 1: Part ten. Deutsche Bank executives turned a blind dye to
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  Speaker 1: Epstein's suspicious financial transactions. After being forced to exit JPMC
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  Speaker 1: in twenty thirteen, Epstein transferred most of his assets to
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  Speaker 1: Deutsche Bank, which became his primary bank until his death
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  Speaker 1: in federal custody in twenty nineteen, evidence suggests that Deutsche
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  Speaker 1: Bank turned a blind die to Epstein's suspicious financial transactions,
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  Speaker 1: failing to report Epstein's trafficking activity to authorities. According to
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  Speaker 1: stars reviewed in camera by Finance Committee investigators, after Epstein's
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  Speaker 1: arrest on federal sex trafficking charges in twenty nineteen, Deutsche
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  Speaker 1: Bank retroactively flagged more than two hundred and fifty million
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  Speaker 1: worth of suspicious wire transfers flowing in and out of
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  Speaker 1: Epstein's accounts. For example, in one twenty nineteen filing, Deutsche
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  Speaker 1: Bank flagged one hundred and forty wire transfers between twenty
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  Speaker 1: thirteen and twenty nineteen, totally one hundred and forty seven million.
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  Speaker 1: These transactions included concerning red flags, including payments to women
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  Speaker 1: in Russia and other parts of Eastern Europe and extensive
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  Speaker 1: dealings with questionable modeling agencies. These suspicious transactions were flagged
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  Speaker 1: after Epstein was arrested on federal sex trafficking charges, but
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  Speaker 1: Epstein managed to conduct business at Deutsche Bank for almost
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  Speaker 1: six years without real time STAR filing in compliance with
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  Speaker 1: federal law. While there has been no enforcement action in
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  Speaker 1: the federal level against Deutsche Bank in relation to Jeffrey Epstein.
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  Speaker 1: Deutsche Bank paid a one hundred and fifty million dollars
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  Speaker 1: fine to the New York Department of Financial Services as
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  Speaker 1: part of consent ord for significant compliance failures in connection
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  Speaker 1: with the bank's relationship with Jeffrey Epstein. The consent order
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  Speaker 1: noted that despite Epstein's criminal history and prior involvement with
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  Speaker 1: underage girls, Deutsche Bank failed to detect or prevent millions
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  Speaker 1: of dollars in suspicious transactions. It's strange credibility to claim
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  Speaker 1: that such a sophisticated global financial institution failed to detect
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  Speaker 1: these suspicious transactions. It's beyond dispute, however, that Deutsche Bank
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  Speaker 1: failed to prevent them and failed to report them. All right, folks,
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  Speaker 1: we're going to wrap up right here, and in the
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  Speaker 1: next episode dealing with the topic, we're going to pick
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  Speaker 1: up where we left off. All the information that goes
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  Speaker 1: with this episode can be found in the description box.