UBS Managed Ghislaine Maxwell’s Funds Amidst Epstein’s Legal Troubles
The Swiss banking giant UBS managed the funds of Ghislaine Maxwell, who has been linked to the notorious financier Jeffrey Epstein. Documents recently revealed by the U.S. Justice Department show the extent of this banking relationship, which persisted despite Epstein’s criminal convictions and subsequent arrest.
Timeline of Events
- 2008: Jeffrey Epstein pleads guilty to soliciting prostitution from an underage girl.
- 2011: JPMorgan Chase flags Ghislaine Maxwell as a “High Risk Client” due to her ties to Epstein.
- 2014: UBS opens accounts for Maxwell, shortly after JPMorgan closed Epstein’s accounts.
- 2019: Epstein is arrested, prompting scrutiny over Maxwell’s banking activities.
- 2020: Maxwell is arrested.
- 2021: Maxwell is convicted for her role in Epstein’s crimes.
- 2025: New information regarding UBS’s management of Maxwell’s accounts is released.
UBS’s Involvement with Maxwell
UBS managed approximately $19 million in funds belonging to Maxwell from her accounts, which included personal and business holdings. The bank opened these accounts in 2014, assigning two relationship managers to assist her with financial transactions.
Despite past warnings from JPMorgan about the reputational risks associated with Maxwell, UBS continued to maintain her accounts. Emails indicate that UBS expedited her transition after she left JPMorgan, allowing her to utilize the bank for personal and business expenses, including a charity and multiple business entities.
Risk Assessment and Due Diligence
Documents suggest that UBS conducted due diligence before accepting Maxwell as a client, although details of this assessment remain unclear. There is no evidence indicating that UBS acted improperly in managing her accounts.
In 2013, documents show that JPMorgan closed Epstein’s account due to his felony conviction and the associated risks. Nevertheless, Maxwell’s connections to Epstein did not deter UBS from accepting her as a client.
Banking Actions Post-Epstein’s Arrest
After Epstein’s arrest in July 2019, Maxwell requested several transactions through UBS, including a $2.5 million payment to her then-husband. Even after the arrest, UBS transferred $130,000 to assist her with a payment, illustrating a proactive banking relationship.
In August 2019, following a grand jury subpoena, UBS provided the FBI with information about Maxwell’s financial activities, highlighting the ongoing legal scrutiny surrounding her case.
Conclusion
The revelations about UBS’s management of Ghislaine Maxwell’s funds raise important questions about due diligence in high-risk banking relationships. As investigations continue, the implications for both UBS and Maxwell’s legacy remain to be seen.
