UBS provided Ghislaine Maxwell with banking services after Epstein’s arrest

LONDON/TORONTO/FRANKFURT – Swiss wealth giant UBS opened accounts for Ghislaine Maxwell in 2014 just months after JPMorgan Chase decided to end its relationship with Jeffrey Epstein, and helped her manage as much as US$19 million in the years leading to her sex-trafficking conviction, documents show.

The documents, part of a cache released by the US Justice Department in January, provide fresh insights into the extent of UBS’ banking relationship with Maxwell, who was arrested in 2020 and found guilty in 2021 for her role in helping Epstein sexually abuse teenage girls.

She is currently serving a 20-year prison sentence. The documents, which include e-mails and bank statements, show the Swiss lender opened personal and business accounts for Maxwell holding cash, shares and investments in hedge funds.

UBS assigned her two relationship managers, who helped her move millions of dollars and accorded her other benefits the bank reserves for its wealthy clients.

In 2014, after JPMorgan closed Epstein’s accounts, UBS provided him with a credit card, an e-mail shows.

He had been jailed and pleaded guilty in 2008 to soliciting prostitution from an underage girl. That account was closed in September that year. Epstein’s accountant told him UBS took the decision because of the “reputational risk”, an e-mail shows.

But the bank continued its relationship with Maxwell even though her proximity to Epstein was reported by several media, including in an interview with the financier.

There is no evidence of any wrongdoing on the part of UBS or its advisers, and some documents show it conducted due diligence before transferring her accounts from JPMorgan.

Maxwell introduced to UBS

Epstein and Maxwell banked with JPMorgan for years, but the biggest US lender started getting concerned about the risks of dealing with them in the years following his 2008 conviction.

In 2011, while conducting know-your-customer checks, JPMorgan advised internally that Maxwell be flagged as a “high risk client” over her links to Epstein, separate US court documents show. In 2013, JPMorgan decided to close Epstein’s account.

In December 2013, Mr David Wassong, then a partner at Soros Private Equity Partners, introduced Maxwell to UBS, according to an e-mail exchange.

“I have cc-ed one of my best friends named Ghislaine maxwell (sic). She is looking for a new wealth manager, and I told her she had to meet you,” Mr Wassong wrote.

On Feb 14, 2014, an e-mail with the names redacted urges UBS to “expedite this transition from JPMorgan”.

“Ghislaine is leaving for over a month next week so she really needs to get this moved over / paperwork signed before her departure. Also, she would like to speak to you to introduce herself, etc,” the e-mail reads.

In response, UBS representatives said they reviewed documents submitted by her and had some follow-up questions as they processed the move to the bank.

Soon after, UBS opened an account and Maxwell used it for her personal expenses and businesses, including her charity TerraMar Project, as well as for entities called Ellmax, Pot & Kettle, Max Foundation and Max Hotel Services, the documents show.

As early as February 2014, Maxwell had nearly US$2 million in one of her UBS accounts. She instructed the bank on how to move her cash. In one request in 2016, she asked the bank to make a US$2.5 million payment to Mr Scott Borgerson, to whom she was married that year.

On July 22, 2019, 16 days after Epstein’s arrest, UBS moved US$130,000 on Maxwell’s request from her savings to her checking account to help pay an American Express card bill, the documents show.

On Aug 16, 2019, the month after Epstein’s arrest, UBS received a grand jury subpoena on Maxwell, according to a letter from UBS to the Federal Bureau of Investigation (FBI). UBS provided the FBI with information on wire transfers, according to the letter.

Reuters could not determine when – and if – UBS had closed Maxwell’s accounts. REUTERS