UBS Banked Ghislaine Maxwell after Epstein’s arrest, documents show

UBS banked Ghislaine Maxwell for years and continued managing millions of dollars linked to her finances even after the arrest of Jeffrey Epstein, according to newly released U.S. Justice Department documents.

The records reveal that the Swiss banking giant opened accounts for Maxwell in 2014, shortly after JPMorgan Chase ended its relationship with Epstein, and helped her manage up to $19 million before her 2021 sex-trafficking conviction.

UBS Accounts Opened After JPMorgan Cut Ties

Documents reviewed by Reuters show UBS opened both personal and business accounts for Maxwell that held cash, shares, and hedge fund investments. The bank assigned her two relationship managers and provided services typically reserved for high-net-worth clients.

JPMorgan had flagged Maxwell as a high-risk client in 2011 because of her close ties to Epstein, who pleaded guilty in 2008 to soliciting an underage girl. By 2013, JPMorgan closed Epstein’s accounts and later settled a lawsuit with the U.S. Virgin Islands for $75 million.

Despite these concerns, UBS accepted Maxwell as a client months later.

Money Moved After Epstein’s 2019 Arrest

The documents show that UBS continued processing transactions for Maxwell even after Epstein’s July 2019 arrest. Sixteen days later, the bank moved $130,000 from her savings account to cover an American Express bill.

Earlier transactions included a $2.5 million transfer in 2016 to Scott Borgerson, whom Maxwell later married.

UBS also managed accounts linked to several entities connected to Maxwell, including the TerraMar Project, Ellmax, Pot & Kettle, Max Foundation, and Max Hotel Services.

Due Diligence Questions Remain

UBS declined to answer Reuters’ questions about why it took on Maxwell as a client after another major bank deemed her high risk. The bank said it conducted due diligence but did not disclose details.

In August 2019, UBS received a grand jury subpoena related to Maxwell and provided the FBI with wire transfer information, according to correspondence included in the document release.

There is no evidence that UBS or its advisers committed wrongdoing.

Who Introduced Maxwell to UBS?

Emails show that Maxwell was introduced to UBS in late 2013 by David Wassong, then a partner at Soros Private Equity Partners. In one message, Wassong urged UBS to expedite the transfer from JPMorgan because Maxwell was traveling abroad for more than a month.

Soon after, UBS finalized the account setup.

Maxwell Serving 20-Year Sentence

Maxwell was arrested in 2020 and convicted in 2021 for helping Epstein sexually abuse teenage girls. She is currently serving a 20-year prison sentence in the United States.

Epstein died by suicide in jail in 2019 while awaiting trial on federal sex-trafficking charges.