![Jeffrey Epstein got $300 million in US Virgin Islands tax incentives, JPMorgan says](https://i-invdn-com.investing.com/trkd-images/LYNXMPEJ5K00Z_L.jpg)
By Jonathan Stempel
NEW YORK (Reuters) -JPMorgan Chase mentioned the U.S. Virgin Islands gave Jeffrey Epstein greater than $300 million in tax incentives and waived intercourse offender monitoring necessities, shielding the disgraced late financier as he gave money and presents to high officers.
In a Tuesday evening court docket submitting, the biggest U.S. financial institution described how Epstein allegedly paid legislation enforcement entities such because the Virgin Islands Police Division.
JPMorgan (NYSE:) additionally alleged within the filings that Epstein had ties to U.S. Virgin Islands officers, together with former first woman Cecile de Jongh, who the financial institution mentioned had been conscious of Epstein’s crimes.
Spokespeople for the U.S. Virgin Islands didn’t instantly reply to requests for remark after enterprise hours. The territory’s police division and de Jongh didn’t instantly reply to comparable requests.
JPMorgan’s submitting, redacted variations of which had already been filed, is a part of its protection towards a lawsuit in Manhattan federal court docket by the U.S. Virgin Islands over its relationship with Epstein, a consumer from 1998 to 2013.
The territory, the place Epstein owned two neighboring islands, has accused JPMorgan of facilitating Epstein’s intercourse crimes by offering banking providers, and enabling him to pay his victims.
Epstein died by suicide at age 66 in a Manhattan jail cell in August 2019 whereas awaiting trial on intercourse trafficking costs.
EPSTEIN’S ‘BONA FIDE’ RESIDENCY
JPMorgan had described a “quid professional quo” relationship between Epstein and U.S. Virgin Islands officers akin to de Jongh, whose husband, John, served as governor from 2007 to 2015.
The financial institution has mentioned Cecile de Jongh managed Epstein’s native corporations for eight years and helped organize visas for some victims, in change for Epstein offering a wage, bonuses and tuition for her kids’s faculties.
The submitting described Epstein’s Monetary Belief Co, also called Southern Belief Co, receiving from the U.S. Virgin Islands $219.8 million in tax advantages from 1999 to 2012, and $80.6 million from 2013 to 2018.
In reference to some advantages, the financial institution mentioned Cecile de Jongh licensed in 2009 that Epstein was a “bona fide resident,” regardless of his serving a 13-month sentence imposed after he pleaded responsible in 2008 to a Florida prostitution cost.
JPMorgan additionally mentioned the territory waived restrictions on Epstein’s potential to journey, regardless of his intercourse offender standing.
It mentioned that on a number of events the territory’s Division of Justice didn’t make well timed notifications of Epstein’s standing below the Intercourse Offender Registration and Notification Act, “one thing Epstein even personally introduced up with USVI DOJ.”
The financial institution additionally mentioned “Epstein was usually not current” when the territory checked up on him at his house, in what JPMorgan known as “cursory” inspections.
STALEY TIES
JPMorgan’s newest disclosures got here a day after the U.S. Virgin Islands launched a 22-page doc ready by the financial institution in late 2019 after Epstein’s loss of life.
The doc described Epstein’s shut ties to former JPMorgan non-public banking chief Jes Staley, together with dozens of messages between them or involving different financial institution officers.
JPMorgan final week reached a $290 million settlement in precept to resolve a lawsuit by dozens of Epstein accusers who mentioned the financier abused them after they had been youngsters or younger girls.
The financial institution needs Staley to cowl its losses in that lawsuit and the U.S. Virgin Islands lawsuit.
Staley left JPMorgan in 2013, and later spent six years as Barclays (LON:)’ chief government. He has expressed remorse for his friendship with Epstein and denied figuring out about his crimes.