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A former JPMorgan executive accused its CEO of lying about his knowledge of bank accounts held by pedophile Jeffrey Epstein that were allegedly used for the trafficking of young women.
Former top executive Jes Staley pointed the finger at Jamie Dimon, claiming that for years the CEO was involved in discussions as to whether the bank should keep Epstein as a client – even after he became a convicted pedophile.
The details, revealed in legal documents seen by the Wall Street Journal, cast doubt on Dimon’s defense of the bank in an ongoing lawsuit arguing it did not do enough to remove Epstein’s accounts and slow his horrific crimes.
But a spokesperson for JPMorgan denied Staley’s claims and painted him to be a disgruntled former employee trying to wash his hands of blame and mitigate his involvement in sexual misconduct.
Staley, who went on to serve as the CEO of Barclays from 2015 to 2021, was driven out of JPMorgan over the Epstein connections. He has acknowledged he had a friendship with Epstein but denied knowing about the trafficking.
Former JPMorgan executive Jes Staley, 66, has said CEO Jamie Dimon is lying over his role in conversations as to whether pedophile Epstein should be able to keep accounts with the bank
Jamie Dimon (pictured with his wife Judith in 2011) during a deposition on Friday denied having any recollection of conversations regarding Epstein
Between 2008 and 2012, Staley exchanged around 1,200 emails with Epstein from his JPMorgan email account, it is claimed. In one exchange Staley is said to have written ‘say hi to Snow White’ and asked if ‘Beauty and the Beast’ was free
Another banking goliath wrapped up in the Epstein scandal is Deutsche Bank.
Earlier in May it agreed to pay $75 million to settle a proposed class-action lawsuit alleging the German bank also facilitated Epstein’s sex-trafficking ring, according to attorneys for the plaintiffs.
These most recent allegations implicating Dimon are part of a lawsuit brought by the US Virgin Islands and an unnamed woman, who said she was abused by Epstein, against JPMorgan.
Dimon gave a deposition on Friday in which he denied Staley’s claims. A spokesperson summarized the content of his deposition in a statement to DailyMail.com.
‘Our CEO reaffirmed after his deposition that, as he has previously said, he never met with him, never emailed him, does not recall ever discussing his accounts internally, and was not involved in any decisions about his account,’ it said.
Epstein first became a client of JPMorgan in 1998 and went on to hold dozens of accounts containing hundreds of millions of dollars, according to records submitted to the federal court.
The plaintiffs have previously said Epstein frequently used cash withdrawals from some of those JPMorgan accounts to pay for young women to travel to his private island so that he and others could abuse them.
Epstein was a notorious figure long before his death inside a federal prison in 2019. In 2006 he was arrested for soliciting and procuring a minor for prostitution, and in 2008 he pleaded guilty to charges in Florida.
Epstein received minimal punishment and it wasn’t until years later that his sweetheart deal was revealed. That led to outrage and Epstein was later arrested on federal sex-crime charges.
He died by suicide while awaiting trial in New York.
A lawsuit brought by the US Virgin Islands and a woman who claims Epstein abused her suggested the pedophile’s JPMorgan bank accounts were used to pay trafficked women
The lawsuit brought by the US Virgin Islands against JP Morgan claimed that Staley visited Epstein’s island on ‘multiple occasions’
In August 2009 Staley emailed Epstein saying he would be in London and the pedophile asked if he needed anything. Pictured: Jeffrey Epstein and convicted sex offender Ghislaine Maxwell in New York City in March 2005
A particular claim leveled by Staley against Dimon is that the pair communicated multiple times after Epstein’s initial arrest in 2006 about whether they should keep Epstein as a client, even after he was registered as a sex offender and served time in a Florida jail.
An email presented as evidence in the ongoing hearing, and seen by the Journal, indicated Dimon was at some point due to review the situation involving Epstein.
Emails between Jes Staley and Jeffrey Epstein revealed as part of the lawsuit
November 1st 2009
Mr Staley is on Epstein’s Caribbean island.
He writes: ‘So when all hell breaks lo[o]se, and the world is crumbling, I will come here, and be at peace.
‘Presently, I’m in the hot tub with a glass of white wine. This is an amazing place. Truly amazing. Next time, we’re here together. I owe you much. And I deeply appreciate our friendship. I have few so profound’.
December 4, 2009
Mr Staley to Epstein: ‘I realise the danger in sending this email. But it was great to be able, today, to give you, in New York City, a long heartfelt, hug’.
Epstein: ‘You were with Larry and I had to put up with….’ (picture of young woman attached)
Mr Staley: ‘Don’t tell me, a French wine’.
Mr Staley to Epstein: ‘That was fun. Say hi to Snow White’.
Epstein: ‘(W)hat character would you like next?’
Mr Staley: ‘Beauty and the Beast’
Epstein: ‘Well one side is available
It was sent by a JPMorgan employee and read: ‘I would count Epstein’s assets as a probable outflow for ’08 ($120mm or so?) as I can’t imagine it will stay (pending Dimon review).’
The employee appeared to be suggesting that Epstein’s account would be unlikely to survive once the situation was reviewed. No evidence was shared by the Journal suggesting the account was indeed reviewed.
A JPMorgan spokesperson addressed Staley’s accusations in a statement to DailyMail.com on Thursday.
‘We believe this is false,’ they wrote. ‘There is no evidence that any such communications ever occurred – nothing in the voluminous number of documents reviewed and nothing in the nearly dozen depositions taken, including that of our own CEO.’
‘The one person who claims this to be true is currently accused of horrific acts and dishonesty,’ they added.
That position is aligned with the bank’s overall defensive strategy in the case – which has been to blame Staley for any connections the bank may have had to Epstein.
Similarly, despite the Deutsche Bank settlement this month, it did not admit wrongdoing, a person familiar with the matter told DailyMail.com.
The suit was filed last year in New York by another anonymous woman on behalf of herself and other accusers. It alleged Deutsche Bank did business with Epstein for five years despite knowing he was engaged in sex-trafficking.
The plaintiffs’ lawyers said they believed the $75 million settlement was the largest sex-trafficking settlement involving a banking institution.
A Deutsche Bank spokesman declined to discuss the settlement or comment on any specifics when reached by DailyMail.com.
However, the German bank did point at the time to a prior statement in which it acknowledged that taking on Epstein as a client was a mistake.
‘We acknowledge our error of onboarding Epstein in 2013 and the weaknesses in our processes. We have learnt from our mistakes and deeply regret our association with Epstein,’ the bank said in a public statement in July 2020.
Deutsche Bank also says it has invested more than $4.3 billion to bolster its controls, processes and training, and hired more people to fight financial crime.
As part of the lawsuit Staley has been accused of sexually assaulting a woman during his visit to Epstein’s private island (pictured). He has denied knowing about the trafficking but and admitted to a friendship with the convicted pedophile
JPMorgan is suing Staley for misleading executives at the bank about the nature of his own relationship with Epstein
Earlier this year as part of the JPMorgan lawsuit around 1,200 emails Staley exchanged with Epstein uncovered the extent of what the former referred to as a ‘profound’ friendship.
In one exchange Staley is said to have written ‘say hi to Snow White’ and asked if ‘Beauty and the Beast’ was free.
Epstein replied: ‘Well, one side is available’, seemingly referring to ‘Beauty’.
In another email, Epstein sent Staley photos of a young woman in a ‘seductive pose’, according to US court documents.
The cache of messages reveal that ‘Staley corresponded with Epstein while Epstein was incarcerated’ for 15 months for soliciting an underage girl for prostitution.
Staley ‘visited Epstein’s Virgin Islands residence on multiple occasions’ and ‘Epstein even advised Staley in connection with Staley’s salary negotiations at JP Morgan in July of 2008’.
‘Human trafficking was the [principal] business of the accounts Epstein maintained at JPMorgan,’ the Virgin Islands’ lawsuit reads.
The anonymous victim bringing the case with the US Virgin Islands has alleged in a lawsuit that ‘at least one of Epstein’s friends used aggressive force in his sexual assault of her and informed [her] that he had Epstein’s permission to do what he wanted to her.’
JPMorgan, in a crossclaim, said that the ‘powerful financial executive’ not named in her lawsuit is Staley.
A lawyer for Staley, who left JPMorgan in 2013, declined a request for comment by the Wall Street Journal regarding the latest claims.
In a separate suit JPMorgan has sued Staley for misleading executives at the bank about the nature of his own relationship with Epstein.