JPMorgan Chase exec Erdoes sought tax advice, Madoff intel from Epstein, suit alleges

JPMorgan Chase exec Erdoes sought tax advice, Madoff intel from Epstein, suit alleges


Mary Callahan Erdoes, chief executive officer of asset management at JPMorgan Chase & Co.

Simon Dawson | Bloomberg | Getty Images

JPMorgan Chase executive Mary Callahan Erdoes sought advice for a $600 million tax issue from disgraced former financier Jeffrey Epstein in 2005, legal filings alleged.

Erdoes, a veteran JPMorgan executive who became head of the bank’s asset and wealth management division in 2009, “personally sought” help from Epstein to resolve the massive tax issue, according to court documents the U.S. Virgin islands filed overnight.

The request from Erdoes was on behalf of someone else, but that information was redacted in the filing.

“It was simply a request for an introduction and it was well before Epstein was arrested or officially accused of any crimes,” a JPMorgan spokeswoman said Tuesday in a statement.

The new allegations about the bank’s yearslong relationship with Epstein came as part of the U.S. territory’s lawsuit accusing JPMorgan of facilitating the notorious ex-money manager’s sex trafficking operation. Epstein killed himself in August 2019 while in jail in Manhattan on child sex trafficking charges.

The USVI in court filings Monday night asked the court for partial summary judgment in its favor. JPMorgan also filed a motion for partial summary judgment overnight.

The territory alleged that Epstein was a “personal resource” for Erdoes and her former boss at JPMorgan, Jes Staley, and that the two bankers decided to keep Epstein as a client for years after he was accused of paying to have underaged girls brought to his home. In a deposition this year, Erdoes acknowledged that JPMorgan was aware of the accusations against Epstein by 2006.

The bank took years to decide to cut Epstein off, only doing so in 2013. JPMorgan agreed to pay $290 million to settle a lawsuit from Epstein’s victims, but the USVI suit has continued.

In 2008, after the Bernie Madoff ponzi scheme was uncovered, Erdoes allegedly asked Staley to reach out to Epstein “to get the scoop from down there,” according to USVI’s latest court filing.

On that, JPMorgan had this statement: “Jeffrey Epstein was in Florida where many of Madoff’s victims lived. If she had made any call at all, it would have been to reach out [to] Jes to see if Epstein had any more details about what was happening there.”



Source

More than 3,000 Boeing defense workers go on strike after rejecting contract
Business

More than 3,000 Boeing defense workers go on strike after rejecting contract

A worker performs quality checks on a Boeing Co. F/A-18 Super Hornet fighter aircraft at the Boeing Defense, Space & Security facility in St. Louis, Missouri, U.S., on Monday, July 24, 2018. Alex Flynn | Bloomberg | Getty Images Some 3,200 Boeing defense unit workers went on strike early Monday hours after turning down a […]

Read More
New guide to wealth terminology aims to ‘counteract some of the BS’ for investors
Business

New guide to wealth terminology aims to ‘counteract some of the BS’ for investors

Senior woman looking on cell phone at sidewalk cafe. Yuliya Taba | E+ | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. A leading advisory group to the wealth […]

Read More
Restaurants are adding dozens of new spicy menu items in a bid for younger diners
Business

Restaurants are adding dozens of new spicy menu items in a bid for younger diners

Chipotle Mexican Grill’s new Adobo Ranch dip Source: Chipotle Mexican Grill Restaurant brands are hoping hot new menu items will drive visits among younger costumers. Hot, in this case, is literal. Spicy items like chicken sandwiches, seasoned sides and sauces are cropping up more often on menus at major fast-casual and quick-service chains. The idea […]

Read More