US Virgin Islands seeking $190M from JP Morgan in Jeffrey Epstein lawsuit

The U.S. Virgin Islands is seeking $190 million in penalties from JPMorgan Chase over its alleged role in propping up Jeffrey’s Epstein’s business deals.

With its ties to his business, the bank helped Epstein commit sex trafficking and financial crimes, Virgin Islands Acting Attorney General Ariel Smith argued.

“JPMorgan’s knowledge of and failure to report Epstein’s trafficking because it lacked the economic incentive and motivation to place compliance with the law and prevention of trafficking ahead of its own profits,” the filing states.

Smith, in a court filing this week, said the bank profited at least $40 million from Epstein and clients he brought to the bank, and is also seeking an additional $150 in punitive damages. 

Those referred clients include billionaires Bill Gates and Sergey Brin, as well as Prince Andrew.

The penalty on JPMorgan Chase is similar to a $150 million fine New York investigators brought against Deutsche Bank in 2020, also related to the bank’s business with Epstein.

In June, JPMorgan Chase settled a lawsuit with victims of Epstein, agreeing to pay $290 million. Deutsche Bank settled a similar lawsuit with victims, agreeing to pay $75 million in May.

Smith said that JPMorgan had “even greater participation” in Epstein’s sex-trafficking schemes than Deutsche Bank.

The Virgin Islands’ original complaint against the bank claims that the bank knew that Epstein was a high-risk customer and an accused trafficker and should not have done business with him. 

The complaint also alleges that senior JPMorgan Chase executives had close personal relationships with Epstein and the bank ignored red flags in order to continue doing business with him.

“Each of these red flags was serious; together, they suggest a pattern of potentially illegal conduct that should have prompted action by JP Morgan,” the complaint reads.

In December, the Virgin Islands settled a case with Epstein’s estate, including a $105 million fine plus half of the sale value of Little St. James Island, where Epstein lived.

Epstein died in prison in August 2019, awaiting trial on sex trafficking charges. His longtime associate, Ghislaine Maxwell, was sentenced to 20 years in prison for her role in the sex trafficking operation.