Latest / The Epstein Chronicles / Ron Wyden’s Report on Wall Street and Jeffrey Epstein (Part 4) (8/17/26)

Transcript

Ron Wyden’s Report on Wall Street and Jeffrey Epstein (Part 4) (8/17/26) · The Epstein Chronicles

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  Speaker 1: What's up, everyone, and welcome to another episode of the
• 0:03
  Speaker 1: Epstein Chronicles. In this episode, we're getting right back to
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  Speaker 1: the Ron Wyden report about Jeffrey Epstein and Wall Street
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  Speaker 1: b seven million in cash withdrawals. According to Treasury Department
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  Speaker 1: records reviewed by Finance Committee investigators and an expert report
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  Speaker 1: prepared by a forensic accountant retained by the Attorney General
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  Speaker 1: of USVII as part of the federal lawsuit against JPMC
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  Speaker 1: the Amador Report, Epstein withdrew more than seven million in
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  Speaker 1: cash from his accounts at JPMC from two thousand and
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  Speaker 1: two to twenty thirteen, the equivalent of over seventeen hundred
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  Speaker 1: in cash a day and six hundred and fifty thousand
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  Speaker 1: in cash every year. This is an extraordinary amount of cash,
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  Speaker 1: especially considering Epstein was a registered sex offender for much
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  Speaker 1: of this time and had a history of pan for
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  Speaker 1: sex with underage victims in cash. Large cash transactions are
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  Speaker 1: a significant indicator of criminal activity. The anonymity of cash
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  Speaker 1: makes it a method of choice for criminal organizations to
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  Speaker 1: launder money or engage in other illicit transactions, including payments
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  Speaker 1: for human trafficking see three million in direct payments to women.
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  Speaker 1: According to the Amador Report, Epstein used his accounts at
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  Speaker 1: JPMC to make over three million in payments to dozens
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  Speaker 1: of women whose identities have been redacted. According to the
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  Speaker 1: Amidor Report, the transactions had no apparent business or other
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  Speaker 1: lawful purpose. Some of these payments were to women in
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  Speaker 1: high risk jurisdictions like Belarus, Lithuania, and Russia. D thirty
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  Speaker 1: one million in payments to Glenn Maxwell. According to testimony
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  Speaker 1: and federal court by former JPMC executive Patrick Mchew, Epstein
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  Speaker 1: paid Glin Maxwell at least thirty one million, including approximately
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  Speaker 1: twenty five million, from his accounts at JPMC. Some of
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  Speaker 1: these wire transfers were substantial and lacked a clear business purpose.
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  Speaker 1: For example, in nineteen ninety nine, Epstein sold eighteen point
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  Speaker 1: three million worth of stock and then promptly transferred the
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  Speaker 1: cash proceeds to Maxwell. Epstein also conducted transfers of Maxwell's
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  Speaker 1: accounts of five million in two thousand and two and
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  Speaker 1: seven point four million in two thousand and seven. Maxwell
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  Speaker 1: is currently serving a twenty year prison sentence after being
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  Speaker 1: convicted on federal sex trafficking charges, and in some of
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  Speaker 1: these transfers appears to have facilitated that activity. For example,
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  Speaker 1: on June fifteenth, two thousand and seven, Epstein transferred Maxwell
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  Speaker 1: seven point four million through JPMC accounts, which Maxwell used
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  Speaker 1: to bias of course Key Helicopter. Maxwell's conviction should trigger
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  Speaker 1: additional investigation into whether JPMC conducted appropriate due diligence on
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  Speaker 1: large wire shows between Epstein and Maxwell E one million
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  Speaker 1: dollar payment to MC squared Model Management. Public reports indicate
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  Speaker 1: that Epstein worked directly with certain modeling agencies to help
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  Speaker 1: recruit and procure underage girls as part of his sex
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  Speaker 1: trafficking scheme. This included MC squared Model Management, an agency
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  Speaker 1: founded by French national Jean lu Brunel. Brunell was found
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  Speaker 1: dead in a French prison while awaiting trial on charges
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  Speaker 1: relating to the procurement of underage girls for Epstein, according
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  Speaker 1: to federal court records. A twenty eleven report prepared by
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  Speaker 1: jpmc's Global Corporate Security Division noted that MC squared received
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  Speaker 1: one million from Epstein in two thousand and five. The
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  Speaker 1: report also noted that it's unknown if the money was
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  Speaker 1: given as a secret investment or a payment for services
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  Speaker 1: as a procurer, and that MC squared had two federal
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  Speaker 1: tax liens totaling over five one hundred ninety thousand. Public
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  Speaker 1: reports and internal JPMC correspondence also indicate that this one
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  Speaker 1: million helped mc squared get started, and that it was
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  Speaker 1: backstopped by a line of credit provided to Ebstein by JPMC. Additionally,
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  Speaker 1: unsealed stars filed by JPMC after Epstein's arrest retroactively flagged
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  Speaker 1: additional payments from Epstein to MC squared, Epstein's use of
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  Speaker 1: his accounts at JPMC to help bankroll mc squared merits.
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  Speaker 1: Further investigation, seven, JPMC failed to report Epstein's suspicious activity
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  Speaker 1: to the US government, according to SAR filings contained an
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  Speaker 1: unsealed court records. Between two thousand and two and twenty sixteen,
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  Speaker 1: JPMC filed only seven stars, flagging only four point three
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  Speaker 1: million in suspicious transactions from Epstein's accounts. Only after Epstein
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  Speaker 1: was arrested on federal sex trafficking charges did JPMC report
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  Speaker 1: the full extent of Epstein's suspicious financial activity. In August
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  Speaker 1: and September of twenty nineteen, JPMC file two stars flagging
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  Speaker 1: more than five thousand suspicious wire transfers moving approximately one
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  Speaker 1: point three billion in and out of Epstein's accounts. After
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  Speaker 1: reviewing unsealed internal JPMC emails, due diligence reports, and reports
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  Speaker 1: by forensic accountants, there is evidence to support the conclusion
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  Speaker 1: that JPMC under reported Epstein's suspicious financial activity to protect
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  Speaker 1: Epstein as a client. The simple fact that Epstein served
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  Speaker 1: thirteen months in prison on prostitution charges in Florida should
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  Speaker 1: have subjected his transactions to jpmc's highest levels of scrutiny
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  Speaker 1: and oversight. Epstein was one of the largest individual clients
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  Speaker 1: at JPMC and part of a group of ultra high
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  Speaker 1: net worth clients referred to as jpmc's Wall of Cash.
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  Speaker 1: According to unsealed direct Kherd's decisions related to Epstein's accounts
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  Speaker 1: were closely monitored by high profile JPMC executives, including Mary Erdos,
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  Speaker 1: Stephen Cutler, Jess Staley, and John Duffy. For example, in
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  Speaker 1: twenty eleven, an internal due diligence document noted that Jess
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  Speaker 1: Staley conferred with Stephen Cutler and the decision was made
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  Speaker 1: to keep Epstein as a private banking client. Similarly, in
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  Speaker 1: a twenty thirteen internal due diligence report noted that senior
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  Speaker 1: management are aware of the relationship with Jeffrey Epstein and
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  Speaker 1: that the Epstein accounts had yearly monitoring as client sensitive. However,
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  Speaker 1: despite this yearly check, JPMC felt to contemporaneously flag over
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  Speaker 1: five thousand suspicious wire transfers. Recently released documents from twenty
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  Speaker 1: thirteen show that JPMC terminated Epstein as a client in
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  Speaker 1: twenty thirteen because his transactions raised money laundering concerns. JPMC
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  Speaker 1: believed that the repetitive nature of Epstein's has transactions, combined
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  Speaker 1: with his personal history, created a great regulatory risk to
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  Speaker 1: keep Epstein as a client. However, despite concerns about Epstein's
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  Speaker 1: transactions being serious enough to terminate him as a client,
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  Speaker 1: JPMC waited six years before reporting Epstein's activity to regulators.
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  Speaker 1: Emails raised the possibility that this was due to jpmc's
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  Speaker 1: executive's desire to continue working with Epstein as a source
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  Speaker 1: of referrals for business with other ultra wealthy clients. For example,
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  Speaker 1: in August of twenty thirteen, Mary Erdos explicitly approved a
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  Speaker 1: request from JPMC bankers to continue working with Epstein on
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  Speaker 1: projects for third party clients, including billionaire Leon Black. On
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  Speaker 1: August fourteenth, twenty thirteen, after exiting Epstein from the bank,
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  Speaker 1: JPMC executive John Duffy emailed Erdose and indicated that Epstein
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  Speaker 1: would be Leon's primary advisor and that he told Epstein
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  Speaker 1: that he would work with him as long as it
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  Speaker 1: was through the client accounts. JE entities would not be acceptable.
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  Speaker 1: That's okay, right, Erdos responded affirmatively yes. Jpmc's filings also
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  Speaker 1: reveal multi year gaps where the activity in Epstein's accounts
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  Speaker 1: was not the subject of a SAR, despite the fact
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  Speaker 1: that these windows possibly coincided with key periods of Epstein's
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  Speaker 1: sex trafficking activity. For example, JPMC did not file a
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  Speaker 1: single SAR on Epstein's actions that occurred for five year
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  Speaker 1: period between May two thousand and three and September two
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  Speaker 1: thousand and eight, even though Epstein withdrew more than three
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  Speaker 1: and a half million in cash during that period. JPMC
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  Speaker 1: also did not file a single SAR on Epstein's activity
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  Speaker 1: for four years between two thousand and nine and twenty twelve,
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  Speaker 1: even though Epstein withdrew another nine hundred thousand in cash
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  Speaker 1: in that period. Part eight, top JPMC executives were away
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  Speaker 1: of Epstein's problematic behavior and suspicious financial activity. This investigation's
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  Speaker 1: review of records indicates that jpmc's relationship with Epstein was
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  Speaker 1: managed by personnel at the highest levels of the bank.
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  Speaker 1: The bank was contemporaneously aware of his criminal behavior, with
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  Speaker 1: the senior member of jpmc's operating committee testifying that as
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  Speaker 1: early as two thousand and six JPMC the bank was
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  Speaker 1: aware that Epstein had been accused of used of paying
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  Speaker 1: cash to underage girls and young women brought to his home.
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  Speaker 1: Regardless of these allegations, Epstein was treated as a star client.
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  Speaker 1: Ay Epstein was a top JPMC client and part of
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  Speaker 1: a group known as the Wall of Cash. From nineteen
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  Speaker 1: ninety eight to twenty thirteen, Jeffrey Epstein was a client
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  Speaker 1: of jpmc's private bank, where he received a range of
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  Speaker 1: financial services catered the ultra high net worth individuals and
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  Speaker 1: closely held business. Epstein's total balance at JPMC often exceeded
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  Speaker 1: one hundred and forty million, and more than a billion
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  Speaker 1: in cash flows moved through Epstein's accounts at JPMC between
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  Speaker 1: two thousand and three and twenty thirteen, unsealed records revealed
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  Speaker 1: that Jeffrey Epstein was one of jpmc's single largest clients
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  Speaker 1: and top revenue generator for the bank. Epstein was also
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  Speaker 1: regularly included in an elite list of ultra high net
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  Speaker 1: worth clients referred to as the Wall of Cash. In
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  Speaker 1: a May twenty eighth, two thousand and three due diligence report,
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  Speaker 1: JPMC indicated that Epstein accounts generated one of the largest
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  Speaker 1: annual revenue flows of private clients in the private bank. Similarly,
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  Speaker 1: in September of two thousand and nine, jpmc's private bank
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  Speaker 1: included Epstein in its list of top clients, indicating that
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  Speaker 1: Epstein's balances at JPMC at the time or at least
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  Speaker 1: one hundred and forty two million. JPMC executives viewed Epstein
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  Speaker 1: as an essential client and continued to pursue new business
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  Speaker 1: with Epstein even after he pleaded guilty to stay charges
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  Speaker 1: related to sex crimes involving underage girls in two thousand
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  Speaker 1: and eight. In fact, the deay Epstein got out of
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  Speaker 1: prison in two thousand and nine, JPMC private banker Jeff
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  Speaker 1: mattisaw emailed Mary Casey, currently jpmc's vice chair of the
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  Speaker 1: private bank, asking her to be his buddy on Epstein's accounts.
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  Speaker 1: Further investigation is needed to determine whether Mattisyle, Casey, and
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  Speaker 1: others advocated internally for JPMC to reduce monitoring, oversight, and
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  Speaker 1: reporting on Epstein's accounts. All right, folks, we're gonna wrap
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  Speaker 1: up right there, and in the next episode we're going
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  Speaker 1: to pick up with after Epstein's release from prison. All
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  Speaker 1: the information that goes with this episode can be found
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  Speaker 1: in the description box.