Jeffrey Epstein was a client of Deutsche Bank’s private-banking division up until earlier this year, when the bank ended its relationship with the noted “billionaire” who was facing the threat of federal charges. Sources told The New York Times the bank provided Epstein with loans, wealth-management accounts, and trading services. Compliance officers reportedly flagged the transactions of Epstein’s company at one point, but bank managers are said to have dismissed their concerns because nothing illegal happened and he was a “lucrative client.” The bank reportedly ended its relationship with him just a few months before he was arrested for sex trafficking of minors.
The Times also noted Epstein’s firm—Financial Trust Company—only had $88 million in shareholder contributions and 20 employees, per a 2002 disclosure form. It was reported at the time that 150 employees worked for the firm, and he only accepted investments over $1 billion, according to the report.