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- NYS Regulator Fined Deutsche Bank $150 Million Over Ties to Jeffrey Epstein but Says It Doesn’t Have a Scrap of Paper on JPMorgan and the Sex Trafficker
NYS Regulator Fined Deutsche Bank $150 Million Over Ties to Jeffrey Epstein but Says It Doesn’t Have a Scrap of Paper on JPMorgan and the Sex Trafficker
by Pam Martens and Russ Martens Wall Street on Parade
On July 5, Wall Street On Parade filed a Freedom of Information Law (FOIL) request with the New York State Department of Financial Services (DFS), the state agency that investigates and penalizes financial institutions for engaging in illicit activities. We were curious as to why the DFS had fined Deutsche Bank upwards of $150 million on July 7, 2020 for its illicit dealings with the sex trafficker of underage girls, Jeffrey Epstein, but had remained silent on any investigations or fines against JPMorgan Chase.
Our curiosity was heightened by the fact that Deutsche Bank had only a 5-year banking relationship with Epstein, from 2013 to 2018, while JPMorgan Chase had a 15-year banking relationship with Epstein, from 1998 to 2013.
When we examined the details in the consent order that the DFS had filed against Deutsche Bank, our curiosity was heightened further. According to the consent order, over the course of Deutsche Bank’s relationship with Epstein, more than $800,000 in cold hard cash was withdrawn from Epstein’s accounts.