Weeks after financier Jeffrey Epstein's death in 2019 while awaiting trial on federal sex trafficking charges, JPMorgan Chase filed a report to U.S. regulators detailing more than $1 billion in potentially suspicious transactions tied to Epstein and several prominent Wall Street and business figures, according to The New York Times.
The newly unsealed report, among hundreds of pages of court documents released Thursday under the order of U.S. District Judge Jed S. Rakoff, reveals the extent of JPMorgan's internal concerns about Epstein's financial dealings — even years after the bank continued to serve him as a customer.
The Times reported that JPMorgan's suspicious activity report (SAR) identified roughly 4,700 transactions that the bank believed could be connected to Epstein's alleged human trafficking network.
Those transactions included dealings with Leon Black, co-founder of Apollo Global Management; Glenn Dubin, a hedge fund manager; Alan Dershowitz, the Harvard law professor and attorney; and trusts controlled by Leslie Wexner, the billionaire founder of L Brands and longtime Epstein associate.
The bank's filing cited Epstein's wire transfers to Russian banks and "sensitivities" surrounding his relationships with two U.S. presidents.
None of the individuals named have been charged with crimes related to Epstein. Many of the flagged transactions date back years before Epstein's 2019 arrest, highlighting long-standing concerns within JPMorgan that went unheeded at the time.
The report included $65 million in transfers involving Wexner's trusts during the mid-2000s, when Epstein served as Wexner's financial adviser and trustee. Wexner later accused Epstein of misappropriating vast sums of his fortune.
As for Leon Black, the Times previously reported that he paid Epstein around $170 million for financial advice and also made payments to women associated with Epstein.
Glenn Dubin, who once employed Epstein and maintained social ties with him, also appeared in the report; Epstein had helped broker the sale of Dubin's hedge fund to JPMorgan, earning himself a $15 million fee.
Dershowitz told the Times that any money he'd ever received from Epstein was for legal services.
"The only funds I ever received from Jeffrey Epstein were payments for my legal services based on my hourly rates," Dershowitz said.
A spokesperson for the Dubins said their transactions were related to legitimate business and charitable activities.
Despite internal concerns about Epstein's activities, JPMorgan continued to handle his accounts for more than a decade — lending him money, transferring his funds internationally, and even facilitating payments to some of his victims, according to the Times.
The newly unsealed documents show that JPMorgan had filed other SARs in the years before Epstein's arrest, flagging his large cash withdrawals — a possible indicator of money laundering or trafficking — but regulators took little apparent action.
Patricia Wexler, a JPMorgan spokeswoman, told the Times that the documents demonstrate the bank "repeatedly alerted regulators" about Epstein's suspicious activities.
"It does not appear that anyone in the government or law enforcement acted on those SARs for years," she said.
The revelations come in the wake of multiple lawsuits against JPMorgan. In 2023, the bank agreed to pay $75 million to the U.S. Virgin Islands government and $290 million to Epstein's victims to settle claims that it had enabled his criminal enterprise.
JPMorgan has maintained that it regrets its association with Epstein but denies knowing about his sexual abuse.
The documents also include emails suggesting Epstein played a role in helping JPMorgan recruit high-profile clients, including Google founders Sergey Brin and Larry Page. One exchange showed Epstein discussing complex trust structures with a JPMorgan executive aimed at reducing tax exposure for the tech billionaires.
While the unsealed records do not directly implicate Jamie Dimon, JPMorgan's CEO, questions remain about what he knew regarding Epstein's accounts.
Dimon has testified that he was unaware of the bank's extensive relationship with Epstein until 2019, though at least one executive has claimed under oath that Epstein's accounts were discussed with him earlier.
On the day Epstein was found dead in his jail cell in August 2019, a JPMorgan employee circulated a New York Times article about the financier's death, marking a grim end to years of overlooked red flags.
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