JPMorgan's Connections To Sex Offender Jeffrey Epstein Detailed In Report

In 2019, JPMorgan Chase & Co JPM reviewed its connections with sex offender Jeffrey Epstein. This led to the discovery that Epstein had provided frequent business advice to Jes Staley, a former JPMorgan executive.

What Happened: JPMorgan's internal report, which was reviewed by the Wall Street Journal, shows that Epstein extended invitations to Staley to attend meetings alongside senior officials from foreign governments. 

Epstein had also assisted Staley in personal matters, including aiding in applying for Staley's daughter to a Ph.D. program at Columbia University, according to the Monday WSJ report. 

JPMorgan had already acknowledged the mistake of engaging with Epstein. The bank reiterated that had it been aware of the allegations regarding Epstein's alleged involvement in sex trafficking, it would never have been associated with him, WSJ reported. 

The report also revealed that Epstein had a close relationship with Staley — who ran JPMorgan's private bank for wealthy clients and later its investment bank — and several other bank officials. 

The U.S. Virgin Islands sued the bank, accusing it of facilitating Epstein's sex trafficking scheme and helping him to cover it up.

Epstein and Staley exchanged hundreds of emails, according to the lawsuit. Staley left JPMorgan in 2013 and went on to become CEO of Barclays.

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JPMorgan's report also said that Staley and the bank's current head of asset and wealth management, Mary Erdoes, had "regular communication with Epstein related to certain strategic initiatives and business proposals" starting in 2011, and there are "occasional personal emails between Erdoes and Epstein interspersed."

JPMorgan has filed a lawsuit against Staley, alleging that he misled the bank. The bank also said that Staley is the executive who faced accusations of sexual assault by an individual who sued the bank and implicated Staley in the case.

Staley wrote to Epstein in 2011, "You have paid the price for what has been accused," according to an email in the report cited in the WSJ story.

"But we know what you have done for us. And we count you as one of our deepest friends. And most honest of people."

Why It's Important: Last week the bank reached a $290-million settlement in principle with Epstein's victims.

JPMorgan, however, blamed top U.S. Virgin Islands officials, saying they looked away from Epstein's crimes in exchange for cash and perks.

Epstein was indicted and imprisoned in July 2019 on federal charges of operating a sex trafficking ring. Before his trial began, he was found dead in a Manhattan jail in August 2019. His death was ruled a suicide by a New York City medical examiner.

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