The Swiss banking giant UBS opened accounts for Ghislaine Maxwell in 2014, just a few months after JPMorgan Chase terminated its business relationship with Jeffrey Epstein, documents show. UBS helped Maxwell manage assets worth up to $19 million in the years leading up to her conviction for sexual trafficking, Reuters reported.
The documents, released last month by the U.S. Department of Justice, provide new insights into the scope of UBS’s banking relationship with Maxwell, who was arrested in 2020 and convicted in 2021 for assisting Epstein in the sexual abuse of underage girls. She is currently serving a 20-year prison sentence.
Among the documents are emails and bank statements showing that UBS opened personal and business accounts for Maxwell, including cash holdings, stocks, and hedge fund investments. The bank assigned her two client relationship managers, who assisted with the transfer of millions of dollars and provided benefits typically reserved for the wealthiest clients.
Credit Card for Epstein After Prison Sentence
The documents also show that UBS issued a credit card to Epstein in 2014, after JPMorgan had closed his accounts. Epstein had been convicted in 2008 and pleaded guilty to procuring a minor.
The account was closed in September of the same year, with Epstein’s accountant noting that UBS had made the decision due to “reputation risk.” However, the bank continued to do business with Maxwell, despite media reports at the time about her close association with Epstein.
UBS declined to answer Reuters’ questions, including why it accepted a client flagged as high-risk by another bank. There is no evidence that UBS or its advisors engaged in illegal activity. Some documents indicate the bank conducted due diligence before transferring Maxwell’s accounts from JPMorgan, but the details of those checks remain unclear.
Maxwell’s lawyer did not respond to requests for comment.
JPMorgan Flagged Maxwell as “High-Risk”
Epstein and Maxwell had banked with JPMorgan for years, but after Epstein’s 2008 conviction, the bank began to express concern.
Internal documents show that JPMorgan, during its 2011 “know-your-client” checks, flagged Maxwell as a “high-risk client” due to her connections with Epstein. In 2013, the bank decided to close Epstein’s accounts.
According to court filings in the U.S. Virgin Islands against JPMorgan, the bank considered convicted criminals, such as Epstein, to be high-risk clients under its rules. JPMorgan settled the matter in 2023 for $75 million, while continuing to deny knowledge of Epstein’s crimes.
Introduction to UBS and Urgent Account Transfers
In December 2013, David Wassong, then a partner at Soros Private Equity Partners, introduced Maxwell to UBS.
“I copied one of my closest friends, Ghislaine Maxwell. She is looking for a new asset manager, and I told her she needs to meet you,” Wassong wrote in an email.
An email dated February 14, 2014, urged UBS to “expedite the transition from JPMorgan,” as Maxwell was soon traveling for an extended period.
UBS quickly opened accounts that Maxwell used for personal expenses and business activities, including her TerraMar Project foundation, as well as companies Ellmax, Pot & Kettle, Max Foundation, and Max Hotel Services. By February 2014, nearly $2 million was held in one of her accounts.
Maxwell provided instructions to the bank for transferring funds, including a 2016 instruction to transfer $2.5 million to Scott Borgerson, whom she married that same year.
Transactions Following Epstein’s Arrest
On July 22, 2019, sixteen days after Epstein’s arrest, UBS transferred $130,000 at Maxwell’s request from a savings account to a checking account to pay an American Express card bill.
A month later, on August 16, 2019, UBS received a grand jury subpoena regarding Maxwell and provided the FBI with information about her bank transfers.
Reuters could not determine when, or if, UBS ultimately closed Maxwell’s accounts.
