When Other Banks Told the Pedophile "No," JP Morgan Chase Said: "Jes!"
Jes Staley, Jeffrey Epstein, and the making of the world's largest child sex-trafficking enterprise.
I. The Lawsuits Three
Follow the money, and inevitably, you end up at the bank.
In the case of Jeffrey Epstein, that bank, more often than not, is JP Morgan Chase—or “JPEpstein Chase,” as I call it.
In the first quarter of 2023, three court cases related to the sex-trafficking operation of the late “financier” and his bank of choice were filed in the Southern District of New York. The three court filings, all contained in one convenient but sometimes confusing PDF, were among the thousands of documents recently released by the Justice Department—part of the so-called “Epstein Files.”
On January 10, 2023, the Government of the United States Virgin Islands and the wonderfully-named law firm of Motley Rice sued JP Morgan Chase in a parens patriae action—that is, an action on behalf of its citizens—alleging violation of the U.S. Trafficking Victims Protection Act, the Virgin Islands Criminally Influenced and Corrupt Organizations Act, and the Virgin Islands Consumer Fraud and Deceptive Business Practices Act—and seeking damages.
Three days later, the firms of Pottinger Edwards and Boies Schiller Flexner filed a civil class action complaint on behalf of Jane Doe 1 “individually and on behalf of all others similarly situated” against the same JP Morgan Chase, seeking “damages and other relief.” The bank, the plaintiffs allege, was liable for “aiding and abetting, intentional infliction of emotional distress, and negligence related to sexual offenses” stemming from its “participation and intentional involvement in Jeffrey Epstein’s widespread and well-publicized sex-trafficking operation, as well as the direct financial benefits it received therefrom.”
Finally, on March 8, 2013, a third-party complaint was submitted by two rhyming law firms: Massey & Gail and Wilmer Hale. The former was suing JP Morgan Chase on behalf of the USVI; the latter, in the same action, was suing, on behalf of said bank, its erstwhile top executive, James Edward “Jes” Staley. Once the presumptive heir apparent to longtime JP Morgan CEO Jamie Dimon, the disgraced banker stood accused of “indemnity, contribution, breach of fiduciary duty, and breach of the faithless servant doctrine,” owing to the untoward nature of his relationship with Jeffrey Epstein.
In plain English, the Virgin Islands was pointing a finger at JP Morgan, which was pointing a finger at Jes Staley—a sort of jurisprudential state/corporation/human centipede. Taken together, the three lawsuits threatened to cost JP Morgan a pretty penny—and Staley, potentially, even more.
In my reporting on JP Morgan and Jes Staley, I’d come across references to these lawsuits, but I’d never read the full text of any of them before.
There’s a lot here.
The Jane Doe 1 class action suit is particularly instructive in understanding the role JP Morgan played in both the day-to-day operation and the expansion of the mammoth sex-trafficking enterprise built by Epstein. While it is a subjective document, intended to persuade, there are nevertheless cold hard facts contained therein. Because of discovery, the attorneys had access to internal JP Morgan emails, including exchanges between Staley and Epstein—some innocuous, some enigmatic, some sketchy af.
What matters about the Staley-Epstein relationship is not the bromance itself, but rather that, for many years, including years subsequent to Epstein’s initial arrest and non-prosecution agreement, Staley was acting on behalf of the bank that employed him. Staley was JP Morgan.
At least, that is what the third lawsuit argues. And JP Morgan’s attorneys were concerned enough with the allegations to reach settlements, to the tune of $365 million—$75 million to the Virgin Islands and $290 million to Jane Doe 1 and the other survivors.
That sounds like a lot of money, but the bank had a net income of $14 billion in the fourth quarter of 2025 alone, as we found out this week. Barron’s notes that “JPMorgan’s stock rose 34% in 2025, and its market value surpassed $900 billion for the first time this month.” The good times are rolling.
A million dollars a day for a full year? That’s winning the lottery for you and me; for JP Morgan, it’s just the cost of doing business.
II. Transcripts
As has been well documented on these pages, Jeffrey Epstein wore many hats. He used the offshore banking system to help incomprehensibly wealthy people screw the rest of us out of tax money. He liaised with various foreign intelligence services. He created networks of scientists, Silicon Valley entrepreneurs, and venture capitalists. He took lousy photographs and collected shitty art. He was a pimp.
What eventually took him down wasn’t the sex trafficking per se, as much as what he himself did with the trafficking girls—namely…
Epstein built a de facto sex cult.
This is obvious, and yet I’d never heard it expressed quite that way before:
19. Jeffrey Epstein’s sex-trafficking venture operated in many respects as a sex-themed cult designed to ensnare vulnerable young women and indoctrinate them into Epstein’s carefully constructed world in which Epstein was their messiah. Epstein and his co-conspirators preached the gospel of Epstein. Epstein’s victims were taught to do what he said, and he would protect them; but disobey him, and he would punish them; and continue to disobey, and he would cause them serious harm from which they could never recover.
(Note: Unless otherwise indicated, the excerpts I use here are from the third lawsuit.)
It wasn’t just a sex-trafficking network, in other words. Like Charles Manson and NXIVM’s Keith Reniere, Epstein recruited damaged, emotionally vulnerable girls and manipulated them like some creepy hybrid of Humbert Humbert, Svengali, and Iceberg Slim.
Epstein took to heart what Slim wrote: “Pimping ain’t no sex game. It’s a skull game.” He broke his victims down and messed with their minds. This is why so many of the victims wound up helping him recruit other damaged girls:
20. Once in Epstein’s clutches, each victim was taught and understood that she must be completely compliant with every demand Epstein had for her; otherwise, she would certainly suffer serious reputational, financial, and psychological harm. By using these and other means of force, threats of force, fraud, threats of abuse of the legal process and coercion, Epstein and his co-conspirators sexually trafficked and sexually abused Jane Doe 1 and the other members of the Class.
Structurally, the Epstein network had many parallels to NXIVM: Epstein was Reniere; Ghislaine Maxwell was Nancy Salzman; and Sarah Kellen, Nadia Marcinkova, and a few other (alleged) victims-turned-participants played the Allison Mack role. Just as Reniere tapped into the Bronfman fortune, so Epstein drained money from Les Wexner.
The critical difference is that, unlike Keith Reniere, whose income derived mostly from one source, Jeffrey Epstein had access to virtually unlimited resources from any number of potential creditors—including one of the largest banks in the world.
Without a willing, complicit bank, a sex-trafficking enterprise cannot function.
Sex-trafficking is primarily a cash business. Johns pay in cash, prostitutes are paid in cash. When done at scale, it’s necessary to have both access to vast amounts of cash, and also the means to launder the cash proceeds. This is what JP Morgan, knowingly or otherwise, provided:
24. Epstein’s sex-trafficking venture was not possible without the assistance and complicity of a financial institution—specifically, a banking institution—which provided special treatment to Jeffrey Epstein and the sex-trafficking venture, thereby ensuring its continued operation and sexual abuse and sex-trafficking of young women and girls. Without the financial institution’s participation, Epstein’s sex trafficking scheme could not have existed and flourished.
25. Epstein’s victims were young women and girls, who suffered severe abuse as Epstein’s sex-trafficking victims and who believed they had to remain loyal to the venture at all costs to survive. Epstein victimized hundreds of young women and girls with the assistance of a wide network of co-conspirators, including JP Morgan.
And:
261. Hush money, financial compensation to recruiters, and compensation to victims was integral to Epstein’s scheme, without which his sex-trafficking conspiracy could not effectively operate. The ability to send wire transfers and cash to young females was critical to Epstein’s ability to coerce his victims into commercial sex acts.
262. Suspicious wire transfers and withdrawals of millions of dollars in cash are basic hallmarks of any major criminal enterprise. A bank that would allow Epstein to operate in this blatant criminal fashion was necessary for him to continue to operate his sex-trafficking conspiracy and for the continued abuse of hundreds of young women.
Absent the participation, intentional or unintentional, of a bank, the operation simply could not have functioned at the scale that it did. This is demonstrably true, because…
The growth of the child sex-trafficking network only exploded once Jeffrey Epstein joined forces with JPMorgan Chase.
As I’ve written previously, Epstein did not start sex-trafficking girls until he teamed up with Ghislaine Maxwell, whose late father Robert Maxwell’s business partner Semion Mogilevich had a well-established sex-trafficking operation.
Mogilevich himself could not ramp up operations until he controlled banks of his own—a lesson Epstein took to heart:
22. The Epstein sex-trafficking venture was well-structured from the beginning and grew increasingly more complex and powerful as it victimized more young women and as its relationship with Defendant JP Morgan grew.
26. Epstein’s sexual abuse and sex trafficking scheme was supported by virtually unlimited wealth, derived from select wealthy individuals who acted as the financial engine behind the sex-trafficking operation, in exchange for sexual and other benefits.
In effect, the bank insulated Epstein from discovery:
264. Before JP Morgan became Epstein’s banker, Epstein was only able to abuse young women sporadically and in fear of being caught. Once JP Morgan became Epstein’s banker, it eliminated that fear, agreeing and conspiring with Epstein to ensure that the suspicious money trail that would reveal Epstein’s operation would be concealed.
And kept doing so long after his monstrous behavior was well known:
70. Even as late as May 2013—mere months before JP Morgan terminated Epstein’s account—JP Morgan provided lines of credit to Epstein of up to $50 million.
Why did the bank go along with this? Because…
JP Morgan had financial incentive to stay in the Epstein business.
For the first five years of the 21st century, and maybe even earlier,
189. …Epstein provided clients to JP Morgan and, in exchange, JP Morgan allowed Epstein to do as he pleased with his JP Morgan accounts. JP Morgan directly aided Epstein’s sex trafficking venture by allowing Epstein to engage in structuring violations and other financial maneuvers required to maintain and conceal his criminal enterprise. JP Morgan financially benefited from allowing Epstein to use his JP Morgan accounts to run his sex trafficking venture.
Let me stress: we can’t say whether the bank was a willing participant or merely a “useful idiot,” only that its services were provided to Epstein for many years—and that Epstein brought in significant revenue for the firm. Those facts are inarguable.
269. JP Morgan benefited by receiving things of value from its participation in the Epstein sex-trafficking venture. Among the various things of value it received were (1) connections with Jeffrey Epstein, his co-conspirators, and his wealthy friends and associates; (2) additional deposits from Epstein, his co-conspirators, and his wealthy friends and associates; (3) the opportunity to earn financial benefits from the funds that had been deposited with it. JP Morgan knowingly and intentionally received these things of value as a direct result of its participation in the Epstein sex-trafficking venture and because it was furthering Epstein’s sex-trafficking venture.
In his own deposition, JP Morgan CEO Jamie Dimon disputes some of this, arguing that, as one of the largest and most powerful financial institutions in the world, his firm did not need the help of Jeffrey Epstein to canoodle with the likes of Bill Gates and Leon Black.
Even so, Epstein did pitch in. He was instrumental in brokering, or at least helping to initiate, JP Morgan’s acquisition of Highbridge Capital Investment, a hedge fund run by Glenn Dubin, a longtime chum who is married to one of Jeffrey’s ex-girlfriends. So it’s not like Epstein was just telling his friends to walk down to the nearest Chase branch and open up a second demand deposit account.
For many years, JPMorgan Chase looked the other way as its well-heeled client was publicly outed as being a total pedo creep…
By 2006, Epstein’s odious crimes became public knowledge—at least to those who were, or should have been, paying attention:
190. However, in 2006, Epstein’s relationship with JP Morgan hit a snag when Epstein was publicly exposed for sexually abusing dozens of young women and girls, several as young as 14 years old. There were hundreds of pages of police reports and news articles revealing that Epstein was a serial sexual abuser and trafficker, and that his operation depended on his accessing nearly unlimited cash to use as payments to his victims.
191. With respect to the specific discoveries, the authorities found that some of the victims “went to Mr. Epstein’s house only once, some went there as much as 100 times or more.”
192. It was publicly revealed in the investigation that Epstein was sexually abusing three to four young females every single day of his life and that he was paying each victim hundreds of dollars in hush money, usually in cash.
193. The criminal investigation also publicly revealed that Epstein was paying countless recruiters to constantly bring him more victims, making clear that quick access to cash at a financial institution was the lifeblood for his sex-trafficking venture.
194. The money trail into Epstein’s accounts was a dead giveaway that Epstein was engaging in crimes and the recipients of his money exposed the type of crimes.
…ignoring enough red flags to hold a Chairman Mao parade in Beijing…
Banks are required by law to file Suspicious Activities Reports, or SARs, when they spot fishy stuff going on. JP Morgan only filed the bulk of its SARs on Epstein retroactively, after his 2019 death.
224. JP Morgan never timely filed required SARs about Epstein’s suspicious transactions, including large cash transactions, which would have revealed to law enforcement authorities the sex-trafficking venture.
271. In violation of various banking laws and regulations, including various “Know Your Customer” and anti-structuring laws, JP Morgan regularly authorized cash withdrawals and deposits for the Epstein sex-trafficking venture, which allowed Epstein, his co-conspirators, and those they directed to conduct the business of the sex-trafficking venture.
272. JP Morgan’s knowing and intentional banking law violations allowed Epstein and his various corporations to stay “under the radar” and continue the sex trafficking operation without close scrutiny or interference.
…to the point where the ignorance seemed willful.
As the lawsuit argues,
195. At this point (and earlier), JP Morgan knew that Jeffrey Epstein was an international sex trafficker. To the extent JP Morgan could publicly feign plausible deniability before Epstein’s arrest in 2006, thereafter its ability to play dumb thereafter was eviscerated, as the details of his daily sexual abuse of young females came to public light and when he ultimately was required to register as a sex offender.
196. JP Morgan undoubtedly knew about Epstein’s arrest in 2006.
197. Because Epstein was so publicly exposed as a sex trafficker and abuser, one of his primary financial engines, Les Wexner, abandoned him and separated himself from Epstein.
Wexner’s repudiation was public knowledge—it was not Victoria’s secret or anyone else’s. Why, at that point, was JP Morgan still cool with the pedo?
Epstein’s key contact at JPMorgan Chase was the head of the Wealth Management division, James Edward “Jes” Staley.
J.E.S. are Staley’s initials. So it’s like how John Ellis Bush is Jeb, and George Oscar Bluth is Gob.
52. Former senior executive, Jes Staley (“Staley”), developed a close relationship with Epstein when Staley was the head of JP Morgan’s Private Bank, which is a segment of JP Morgan’s business dedicated to extremely wealthy clients with at least $10 million in assets.
Through Epstein, Staley brought in high-profile clients that helped make him a banking star.
71. In addition to his own holdings with JP Morgan, Epstein helped, or promised to help, Staley recruit ultrawealthy clients to JP Morgan. A few examples are laid out below.
72. In 2004, Epstein introduced Staley to Glenn Dubin, the owner of Highbridge Capital Management—one of the country’s largest hedge funds. This laid the groundwork for JP Morgan’s acquisition of Highbridge—a move that helped catapult Staley’s career.
This one really piques my interest, because it contains one of the rare redactions in the lawsuit:
73. In 2011, Epstein and Staley had extensive discussions regarding the creation of a “very HIGH profile” donor advised fund (“DAF”), which is an investment account established to support charitable organizations, headed by the [REDACTED]. Epstein pitched the [REDACTED] DAF as an “exclusive club” with a minimum $100 million donation where JP Morgan would act as the fiduciary.
“DAF” looks to my jaded eyes like a play on “IDGAF.” Which, from the looks of things, perfectly expresses JP Morgan’s attitude toward its sex-trafficking client.
Despite being aware of the charges, Jes Staley protected Epstein…
199. In the summer of 2008, Epstein’s Non-Prosecution Agreement (“NPA”) with the U.S. Department of Justice was made public when it was unsealed in connection with a challenge to the NPA by two of his victims. Among other things, the agreement outlined the possible federal sex offense charges that could have resulted from the investigation, including TVPA charges.
200. Epstein’s legal team also garnered significant publicity between 2006 and 2008, not only because of their well-known names but also the unusual number of them. Epstein hired Roy Black, Ken Starr, Jay Lefkowitz, Guy Lewis, Michael Tien, Lily Ann Sanchez, Gerald Lefcourt, Guy Fronstein, Jack Goldberger, and more. All of these lawyers were now on Epstein’s payroll and millions of dollars were being shelled out to these attorneys from JP Morgan accounts to pay for his legal defense of the most heinous of sexual abuse allegations. Not only was JP Morgan (through Staley) well aware of the allegations, but JP Morgan (through Staley) knew the identities of co-conspirators and many of the victims. Staley had observed victims personally, and he was aware that Epstein was shelling out millions of dollars to attorneys to take on these well-founded allegations.
…for fucking years…
201. In 2008, around the same time Epstein was pleading guilty to felony sex offenses and registering as a lifetime sex offender, JP Morgan learned that another of its high value clients, Bernie Madoff, was running the largest Ponzi scheme in modern history through his accounts at JP Morgan. This led to JP Morgan reviewing its clientele with the directive of severing ties with any problematic customers.
202. With indisputable publicly available knowledge that Epstein was a sexual offender who was using his wealth to run a sexual abuse and trafficking operation, any responsible bank providing only routine banking support would have cut ties with Epstein.
No lies detected.
JP Morgan either royally fucked up, or it willfully abetted Epstein’s criminal enterprise, through its top executive Jes Staley.
…even though Staley must have known what Epstein was….
This is where it gets interesting:
230. Through Staley and other officers and employees, JP Morgan saw that Epstein’s JP Morgan accounts were almost exclusively used to pay for: (1) living and travel expenses; (2) expenses related to apparent criminal activity; (3) lawyers relating to his Florida criminal case; (4) lawyers defending civil lawsuits (including paying for all of the witnesses’ and co-conspirators’ attorneys); (5) sex-abuse victim settlements; (6) private investigators to investigate sex abuse victims; and (7) extravagant lifestyles for his many co-conspirators.
231. Through Staley and other officers and employees, JP Morgan: (1) knew that Epstein was always surrounded by young women and girls; (2) knew Epstein’s stated public profession of financial advisor was false; (3) knew Epstein had no real expertise in business investing; (4) knew that his accounts, including many business accounts, had underlying legitimate business activity; (4) saw Epstein’s regular, suspicious, and large cash withdrawals; (5) saw Epstein’s frequent payments to known co-conspirators; (6) knew that Epstein was funding a modeling agency with Jean-Luc Brunel (an already exposed sexual abuser); (7) knew that Epstein was making regular transfers in even, hundred-dollar increments; (8) knew that Epstein was arrested in Florida and required to register as a sex-offender; (9) knew that Epstein’s co-conspirators had bank accounts at JP Morgan associated with his accounts; and (10) knew that Epstein’s madame, Ghislaine Maxwell, was paid millions of dollars by Epstein.
…not only maintaining Epstein as a client, but expanding their relationship…
203. However, rather than cut ties with Epstein, Staley, acting on behalf of JP Morgan and within the scope of his actual and apparent employment, personally visited Epstein when he was serving his jail sentence in Florida and arranged for an even tighter connection between JP Morgan and Epstein.
204. After Epstein was released from his Florida incarceration, he picked up right where he left off—abusing young women on a daily basis, paying recruiters, and paying hush money to victims. JP Morgan continued its supporting actions as well, continuing its role in Epstein’s sex trafficking conspiracy and allowing it to continue to flourish. Epstein continued abusing and trafficking with the same frequency as he had been for years, and he could do so because he had a bank that, even though it knew what he was doing, would not turn on him.
That last sentence is subjective—but it’s hard to argue against it being an accurate assessment of what went on.
205. After Staley went to visit Epstein in Florida while Epstein was incarcerated on sex offenses, Epstein and JP Morgan’s relationship continued to grow through Staley. Ultimately, after Epstein’s release from jail, Staley and Epstein spent significant time together at Epstein’s townhouse in New York City. Staley also visited Epstein on his private island in the United States Virgin Islands—an island commonly dubbed “Pedophile Island.” These visits were within the actual and apparent scope of Staley’s employment at JP Morgan.
206. Acting through Staley and to protect its financial benefits from dealing with Epstein, JP Morgan made clear to Epstein that he could continue to fund his sexual abuse operation through JP Morgan and it would continue to conceal the illegal operation. JP Morgan and Epstein agreed, tacitly and otherwise, that Epstein could continue to fund his sex-trafficking venture through JP Morgan and JP Morgan would reap the financial benefits from its connection with Epstein.
…in effect, doubling down on Epstein.
225. Fearful that Epstein could turn on the bank for its participation in the sex-trafficking venture, JP Morgan (and its agent, Staley) remained incentivized to maintain and grow the relationship and to assist in concealing Epstein’s suspicious and illegal banking practices.
This is a key point: in the years after Epstein’s release from jail, JP Morgan, via Jes Staley and other top execs, became so intertwined with Epstein’s operation that the firm couldn’t turn him in without exposing its own complicity.
This looks like a mob tactic, oft implemented by Donald Trump: get dirt on someone to ensure their future silence.
Staley was so good at protecting his client and friend that JPMorgan Chase CEO Jamie Dimon says he never even knew about Epstein, let alone spoke to him, let alone met him…
The famed chief executive said as much, several times, during his deposition. And while I applaud Dimon for answering the questions and not hiding behind legal bullshit, as his attorney frequently urged him to do, I remain confounded by the whole thing.
and
We are asked to believe that, for almost two decades, the micro-managing CEO of JP Morgan Chase never met, never spoke with, never asked after, never even knew about, a major client of the bank—a networker extraordinaire who lived within walking distance of his own Upper East Side residence. What are the chances?
I also find it curious that Dimon didn’t know Jeffrey Epstein at all, but refers to him as “Jeff.”
…although other JPMC executives certainly knew what Epstein was…
214. In support of maintaining its relationship with Epstein, JP Morgan’s CEO of private banking, Mary Erdoes, argued that Epstein was too valuable of a client to let go and played a pivotal role in maintaining the relationship.
215. Upon information and belief, internal documents also reflect JP Morgan’s knowledge of the extensive publicly available information about Epstein’s sex-trafficking scheme.
It’s objectively impossible to read through all of the emails and not conclude that Staley, Erdoes, and others at JP Morgan knew what Epstein was up to, at least to some degree.
…and Jane Doe’s attorneys seemed to think Dimon did have knowledge of what was going on—as one might reasonably expect of a well-regarded CEO.
It seems to me that delegating all authority over the Epstein account to Jes Staley, as Jamie Dimon essentially claims to have done, does not absolve a CEO who makes more per year than the GDP of some small countries of oversight responsibility. But I’m not a business school guy, so what do I know?
216. JP Morgan, including its CEO Jamie Dimon and the highest levels of the bank, made the decision to monitor the public news being disseminated about Epstein, knew that Epstein had been arrested for sexual offenses against young women, knew that Epstein was a registered sex offender, knew that Epstein’s coconspirators like Ghislaine Maxwell were involved in the sex trafficking operation, knew that Epstein had paid to settle a number of civil lawsuits related to sexual abuse of underage girls, and still made an intentional decision to keep Epstein on as a client.
217. JP Morgan, including its CEO Jamie Dimon and the highest levels of the bank, knew of Jes Staley’s personal involvement with Epstein and yet still allowed Staley to remain a decision maker for JP Morgan on Epstein accounts.
The 1,200 emails they exchanged over four years suggest—no, flat-out indicate—that Staley was good friends with Epstein…
Here comes the damning stuff:
53. Between 2008 and 2012, Staley exchanged approximately 1,200 emails with Epstein from his JP Morgan email account. These communications show a close personal relationship and “profound” friendship between the two men and even suggest that Staley may have been involved in Epstein’s sex-trafficking operation. They also reveal that Staley corresponded with Epstein while Epstein was incarcerated and visited Epstein’s Virgin Islands residence on multiple occasions. Epstein even advised Staley in connection with Staley’s salary negotiations at JP Morgan in July of 2008.
54. On December 30, 2008, Epstein and Staley discussed via email Staley’s visit to Epstein’s residence in Palm Beach, Florida. Epstein wrote that he would not be home the following Sunday, but that Staley was welcome to use the house. Staley replied that he would instead make arrangements to visit Epstein in Palm Beach in early January.
Special attention should be paid to these emails, which are even more disgusting in hindsight:
56. Staley sent an email to Epstein on November 1, 2009, when Epstein was incarcerated and Staley was presumably visiting Little St. James, saying:
So when all hell breaks lo[o]se, and the world is crumbling, I will come here, and be at peace. Presently, I’m in the hot tub with a glass of white wine. This is an amazing place. Truly amazing. Next time, we’re here together. I owe you much. And I deeply appreciate our friendship. I have few so profound.
57. On December 4, 2009, Staley told Epstein via email: “I realize the danger in sending this email. But it was great to be able, today, to give you, in New York City, a long heartfelt, hug.”
…and strongly imply that Staley was not just a wealth manager and friend, but also a client.
Now we come to “Snow White.” It makes for, ahem, Grimm reading.
54. [cont’d] On January 8, 2009—around the time of Staley’s scheduled visit to Palm Beach—Epstein wired $2,000 from his JP Morgan account to a woman with an Eastern European surname.
55. Between August 27 and 29, 2009, Staley communicated via email to Epstein that he would be in London in a week. Epstein inquired whether Staley would need anything while in London, and Staley replied, “Yep.” On August 31, 2009, Epstein wired $3,000 from his JP Morgan account to the same Eastern European woman Epstein paid in January 2009.
58. The next day, Epstein wrote to Staley, “you were with Larry, and I had to put up with . . .” and attached a picture of a young woman (shown below). Staley quipped, “don’t tell me a French wine.” Epstein replied, “always thoughts of alcohol.”
59. On December 20, 2009, Epstein sent an email to Staley that was blank except for a picture of a young woman (shown below).
60. On January 15, 2010, Staley emailed Epstein, referring to Little St. James, “Arrived at your harbor. Someday, we have to do this together.”
61. In July 2010, Staley sent an email to Epstein, saying: “Maybe they’re tracking u? That was fun. Say hi to Snow White.” Epstein responded: “[W]hat character would you like next?” When Staley said “Beauty and the Beast”, Epstein replied: “well one side is available.”
In the Grimm fairy tale, incidentally, the wicked stepmother becomes aware of Snow White’s beauty surpassing hers when Snow White turns seven. Seems relevant.
Epstein maintained “stash house” apartments at 301 East 66 Street. (Lily Allen might call those flats “pussy palaces.”) This is where recent arrivals from Eastern Europe would live when they were first trafficked to the United States. Staley, allegedly, was intimately familiar with these lodgings:
226. To be clear, during his years as a top executive at JP Morgan, Staley was not only one of Epstein’s closest pals, but more importantly, he was a frequent visitor at Epstein’s townhouse, including visiting the massage room; Staley met many of Epstein’s trafficking victims, including Jane Doe 1; Staley visited the Epstein-owned victim stash house apartments at 301 East 66 Street, and Staley personally observed the sexual abuse of young women, including Jane Doe 1. These actions were within the scope of Staley’s employment at JP Morgan.
227. Staley was well aware that Epstein was running a sex trafficking venture, based on that facts that he: (1) went to Epstein’s house in New York many times; (2) personally spent time with young girls whom he met through Epstein on several occasions; (3) personally visited young girls at Epstein’s apartments located at 301 East 66th Street; (4) personally visited Epstein on his island; (5) was frequently calling and emailing with Epstein; (6) personally observed Epstein around young girls, (7) personally observed Epstein sexually grab young women in front of him; and (8) even visited Epstein in Florida while Epstein was serving his jail sentence. All of these circumstances, and more, gave Staley direct and actual knowledge that Epstein was engaged in sex-trafficking venture.
Staley left JP Morgan in 2013. After a short stint at Blue Mountain Capital, he became CEO of Barclays, the venerable British bank, in December 2015—after a covert lobbying effort by Epstein and the even-more-mysterious British financier Ian Osborne called “Project Jes.”
But Staley’s past with Epstein came back to bite him, and JP Morgan, in the ass.
Staley’s tenure at Barclay’s was short-lived. As the Guardian reports, “Staley resigned as the Barclays chief executive in November 2021 over the FCA’s investigation, and ultimately lost £18m in pay and bonuses from Barclays. He was also fined £1.8m by the regulator.”
The UK Financial Conduct Authority originally dredged up the 1,200 emails:
233. During a 2019 investigation by the UK Financial Conduct Authority into Staley’s relationship with Epstein, JP Morgan produced more than 1,200 emails exchanged between Staley and Epstein between 2008 and the end of Staley’s tenure at JP Morgan. These emails were accessible to JP Morgan and written in Staley’s capacity as an officer and employee of JP Morgan. All of the information contained in those emails is imputed to JP Morgan, including information about sexual and related topics. These emails show, among other things, the close personal relationship between Epstein and Staley, that Epstein and Staley communicated and visited while Epstein was incarcerated, and that Staley visited Epstein’s private island on multiple occasions.
In reaching its settlement with the U.S. Virgin Islands and with the victims, the bank issued this statement: “JPMorgan Chase believes this settlement is in the best interest of all parties. While the settlement does not involve admissions of liability, the firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes.”
JP Morgan would have never. Seriously—you can take it to the bank!
As for Staley, he and his former employers also came to a settlement, the terms of which were not publicly disclosed. Presumably he had to cough up some coin to JP Morgan, a company that once provided him a base salary of $25 million per annum, along with the fines he paid to the Brits—a small price to pay for playing an instrumental role in the expansion and sustenance of the most notorious child sex trafficking network in recent history.
While I’m sure it’s unpleasant to have to cut large checks in legal settlements, I somehow doubt Staley is frantically listing his properties on Redfin, or hocking his old suits on Poshmark, or taking a second job as a Door Dasher. My guess is, he’s doing just fine.
III. Post Script
Given the treasure trove of evidence supporting the case for Jes Staley’s complicity in Jeffrey Epstein’s child sex trafficking operation, one wonders if the FBI at any point had him under investigation.
On Sunday, July 7, 2019—the day after Jeffrey Epstein was arrested at Teterboro Airport in New Jersey—someone at the FBI’s New York field office sent an email, presumably to another FBI officer, asking for “an update on the 10 CO-conspirators [sic].” The New York FBI officer also asked if it was necessary for “[redacted name]…to head out on [redacted first name] [redacted last name].”
Later that day, the response came back with a heavily redacted update. The exchange looks like this:
There are three unredacted names: Jean-Luc Brunel, the “model scout” who operated the Paris end of the Epstein sex-trafficking pipeline; Ghislaine Maxwell, the sort of COO of the criminal enterprise; and the billionaire Les Wexner, the L Brands CEO and a source of Epstein’s fortune. We can assume, from the context, that all three were considered alleged “co-conspirators” by the FBI.
Brunel and Maxwell are no big shock. Wexner, however, was never believed to be part of the actual criminal activity, so his inclusion on the list is a surprise. If the FBI succeeded in getting a hold of him, that would explain his motivation to put out a statement on July 15:
I would never have guessed that a person I employed more than a decade ago could have caused such pain to so many people. My heart goes out to each and every person who has been hurt. I severed all ties with Mr. Epstein nearly 12 years ago. I would not have continued to work with any individual capable of such egregious, sickening behavior as has been reported about him. As you can imagine, this past week I have searched my soul … reflected … and regretted that my path ever crossed his.
When Mr. Epstein was my personal money manager, he was involved in many aspects of my financial life. But let me assure you that I was NEVER aware of the illegal activity charged in the indictment.
We all know that what is being reported about Mr. Epstein will receive significant news coverage. I fully expect that this will remain in the news for some time to come. And we don’t know what twists and turns these events will take … but I can assure you that I will continue to act in the company’s best interest as this unfolds, and I ask you to do the same. I am proud that our company has long-held core values—those values have never been more important than today, and I ask that we all wave them higher now than ever before.
(Note that the ellipses are from Wexner’s original statement, so I have omitted nothing.)
We can safely fill in those three names. That leaves seven other “mystery” co-conspirators.
This PDF is not, alas, one of the redacted documents where we can copy-paste to reveal the letters beneath the black boxes. So it is left to us to try and figure out the redacted names—seven individuals who were, apparently, targets of the FBI’s investigation into the Jeffrey Epstein Organization but who were, also apparently, never charged.
The sleuthing method is to play Epstein Wheel of Fortune and try to fill in the black boxes with actual letters. This can be done in Photoshop. I use the Times New Roman font, in yellow so it shows up over the black ink, adjust the size so it matches exactly, and start typing.
For a name to work, it has to not only fit in the black space, but also align with the words and punctuation marks immediately before and after. That eliminates a lot of names, among them Sarah Kellen, Adriana Ross, and Lesley Groff.
But one name fits perfectly:
To be clear: I’m not saying Staley was ever under investigation, just pointing out that his name fits.
As with most things related to Jeffrey Epstein, this brings up more questions than answers. Was Jes Staley really one of the FBI’s ten alleged co-conspirators? Was there an active investigation into him? If not, why not? If so, why was it stopped?
Was the entire investigation into the Epstein child sex-trafficking network kiboshed by then-AG Bill Barr after Epstein’s death? How come? What was the justification? If so, why was it not resurrected when Merrick Garland took over the Justice Department in the spring of 2021? Is Garland that inept? (Actually, we already know the answer to that last question.)
If Jes Staley isn’t among the seven unknown co-conspirators, and if Sarah Kellen, Adriana Ross, and Lesley Groff were somehow exempted, who are the other seven? Why are their names still redacted? Don’t we have a right to know? Isn’t avoiding indictment enough of a boon for these seven people? Why are we protecting them?
Finally, why aren’t the banks, and JP Morgan in particular, taking more flack for their long association with Jeffrey Epstein? As the lawsuits persuasively argue, the child sex-trafficking operation simply could not have functioned at such a large scale without the complicity of a bank. Why the slap on the wrist? Will these meager consequences really deter financial institutions from helping other sex traffickers in the future?
The only consequence, a piddly $365 million? Really? Staley had to write some checks and face public humiliation, but avoided indictment. Mary Erdoes—whose emails indicate some familiarity with Epstein’s line of work and an eagerness to keep him on as a client— still works at JP Morgan. Jamie Dimon’s reputation remains sterling.
Are we really going to give them all a pass, just because Dimon’s a likable, well-respected guy? Is the moral of the story that wealth is the ultimate trump card (pun intended)? Are we all okay with the dollar being Almighty? And if so, what does it say about us as a society?
Mirror, mirror, on the wall,
The outcome’s not the fairest at all.
Photo of Jes Staley: Manuel Lopez, World Economic Forum, Davos, 2017.
WHOA …this is an enormous amount of work. Thank you.
"Oh, what a tangled web we weave, when first we practice to deceive!"