UBS, the Swiss wealth management firm, opened accounts for Ghislaine Maxwell in 2014, months after JPMorgan Chase ended its relationship with Jeffrey Epstein. Documents released by the U.S. Justice Department reveal that UBS managed as much as $19 million for Maxwell in the years leading up to her 2021 sex-trafficking conviction. Maxwell is currently serving a 20-year prison sentence for helping Epstein sexually abuse teenage girls.
The documents, which include emails and bank statements, illustrate the extent of UBS’s banking relationship with Maxwell. UBS opened personal and business accounts for Maxwell, holding cash, shares, and investments in hedge funds. The bank assigned her two relationship managers who facilitated the movement of millions of dollars and provided benefits reserved for its high-net-worth clients. UBS is a global financial services company providing wealth management, investment banking, and asset management services to individuals, corporations, and institutions worldwide.
Notably, UBS also provided Epstein with a credit card in 2014 after JPMorgan closed his accounts. Although this account was closed later that year due to “reputational risk,” the bank continued its relationship with Maxwell, despite media reports detailing her close ties to Epstein. JPMorgan had flagged Maxwell as a “High Risk Client” in 2011 due to her links to Epstein and ultimately closed Epstein’s account in 2013. JPMorgan settled a case for $75 million in 2023 regarding their ties to Epstein.
Emails show that David Wassong, then a partner at Soros Private Equity Partners, introduced Maxwell to UBS in December 2013. Following the introduction, UBS representatives reviewed documents submitted by Maxwell and processed the transfer of her accounts. As early as February 2014, Maxwell had nearly $2 million in one of her UBS accounts and used the accounts for personal expenses, businesses, and her charity, TerraMar Project. Reuters could not determine when, or if, UBS had closed Maxwell’s accounts.