A JPMorgan executive kept Jeffrey Epstein’s account open for years despite his conviction for pedophilia and suspicious activity, saying she didn’t think it was her job to remove him as a client.
Mary Erdoes, who has worked for the bank since 1996, revealed during a nine-hour statement that she allowed Epstein, who died in 2019, to remain as a client despite the bank knowing about his suspicious withdrawals way back in 2006.
In a 2011 email, Mary replied, “Oh boy,” to another executive after learning Epstein was a sex offender. The email marked at least the sixth time she became aware of Epstein’s legal troubles and sex crimes, according to the Washington Postwho viewed the statement.
Officials in the Virgin Islands, where Epstein owned a private island, have accused JPMorgan of “knowingly facilitating, perpetuating and concealing” sex-plague child trafficking by allowing him to remain as a client despite being was aware of the allegations of abuse.
The bank eventually cut ties with Epstein in 2013, citing him routinely withdrawing large amounts of cash. A 2006 report found that Epstein had withdrawn amounts of up to $80,000 on multiple occasions, amounting to more than $750,000 in a single year.
Mary Erdoes, who has worked for the bank since 1996, revealed during a nine-hour statement that she allowed Epstein, who died in 2019, to remain as a client despite the bank knowing about his suspicious withdrawals way back in 2006.
Officials in the Virgin Islands, where Epstein owned a private island, have accused JPMorgan of “knowingly facilitating, perpetuating and concealing” sex-plague child trafficking by allowing him to remain as a client despite being was aware of the allegations of abuse.
“We all now understand that Epstein’s behavior was monstrous and that his victims deserve justice – but these lawsuits are misguided because we failed to help him commit his heinous crimes,” a bank spokesman said in response to the lawsuit. , according to the Washington Na.
“We are committed to fighting human trafficking and will continue to look for ways to invest in advancing this important mission.”
In addition, Mary said in the statement that she didn’t know “the proper process if it’s an accusation” and believed it was up to the bank’s legal team to remove Epstein.
“The process by which those things work is that legal risk, compliance, including supervisory management … have a natural process where they go when they have these kinds of things pointed out,” she said.
She said she didn’t think it was her responsibility to flag Epstein’s accounts for investigation. Her supervisor, Jes Staley — who was friends with Epstein — had investigated allegations against him by asking the man himself, according to the Washington Post.
The bank wouldn’t cut ties with Epstein until 2013, because he routinely withdrew large amounts of cash. A 2006 report found that Epstein had withdrawn amounts of up to $80,000 several times, amounting to more than $750,000 in a single year
She said that when Staley left the bank in 2013, she was able to close the account, because “there was no one to vouch for Mr. Epstein.”
Child trafficking was reported to the bank in 2010 and ‘reapproval’ was requested for his accounts in 2011, but his accounts remained open for years afterwards.
The bank denies any allegation, but has sued Staley, accusing him of acting on his own accord to help Epstein. Staley, who moved to British bank Barclay in 2015 before stepping down in 2021 after his relationship with Epstein came under scrutiny, had a “deep” friendship with the sex bully and reportedly gave him internal advice on his finances, according to the Post.
Staley said he had no “decisive authority over Epstein’s accounts” and “is not alleged to have seen any of the suspicious account activity that other JPMorgan employees ignored.”
However, in a 2006 email with Staley and Mary about an article in the Palm Beach Post detailing Epstein’s crimes, Staley told her that he “went to see him last night.” I’ve never seen him so shocked. He firmly denies the ages.’
The bank denies any wrongdoing but has sued Jes Staley — who was friends with Epstein — alleging he acted on his own to aid the sex scourge
In addition, Mary said more than 100 times that she couldn’t remember what she did in relation to Epstein’s account and only referred to Epstein’s criminal acts as “accusations,” despite him pleading guilty.
Although she knew he was withdrawing large sums of money, she said that “at that time that was never something I linked in my mind to anything to do with the allegations of what he did or didn’t do.”
She also said it was not her responsibility “to do anything with every news item that appears on our customer base.”
After ties were severed, Epstein transferred most of his wealth to Deutsche Bank. The bank recently paid $75 million to settle a lawsuit similar to the one now facing JPMorgan.
According to a diligence report, Epstein’s account was one of the most profitable at JPMorgan in 2003. At the time, Epstein also managed an account for Victoria’s Secret CEO Leslie Wexner, who later distanced herself from Epstein in 2008.
According to the Washington Post, Epstein had $121 million invested in JPMorgan in 2008.