Title: JPMorgan Chase Executive Sought Advice from Jeffrey Epstein on Tax Issue
Date: [Insert Date]
Source: The Puck Drop
JPMorgan Chase executive, Mary Callahan Erdoes, sought advice from the controversial financier Jeffrey Epstein in 2005 regarding a significant tax issue, according to legal documents recently filed.
Erdoes, who assumed the role of head of JPMorgan’s asset and wealth management division in 2009, personally approached Epstein to seek his assistance in resolving the tax matter on behalf of an undisclosed individual. The name of the person involved was redacted in the court filings.
JPMorgan has now clarified that the request for advice predated Epstein’s arrest and any formal accusations against him. The financial institution emphasized that the interaction was simply a request for an introduction to address the tax issue.
These revelations have emerged amid a lawsuit filed by the U.S. Virgin Islands that accuses JPMorgan of facilitating Epstein’s sex trafficking operation. In this ongoing legal battle, the U.S. Virgin Islands is seeking partial summary judgment in its favor, while JPMorgan has also filed a motion for partial summary judgment.
The lawsuit claims that Erdoes, along with her former boss Jes Staley, viewed Epstein as a “personal resource” and continued to treat him as a client despite the mounting accusations against him. Erdoes, during a recent deposition, acknowledged that JPMorgan was aware of the allegations against Epstein as early as 2006.
The relationship between JPMorgan and Epstein eventually ended in 2013, when the bank finally decided to sever ties. Subsequently, JPMorgan agreed to a settlement worth $290 million to resolve a lawsuit filed by Epstein’s victims.
In an unrelated incident, it was alleged that Erdoes also reached out to Staley in 2008 following the exposure of the Bernie Madoff Ponzi scheme, seeking information about the situation in Florida, where many of Madoff’s victims resided. JPMorgan defended this interaction, suggesting that any contact made with Epstein would have been to gather more information about the circumstances in Florida.
It is important to note that these allegations are part of an ongoing legal dispute. JPMorgan has reiterated its commitment to cooperating with investigations and has implemented various measures to strengthen its compliance and risk management systems.
As the legal battle continues, it remains to be seen how these revelations will impact JPMorgan and its executives, including Mary Callahan Erdoes, who sought advice from Jeffrey Epstein regarding the tax issue back in 2005.
