JPMorgan executive Erdoes sought tax guidance from Epstein

JPMorgan Chase





executive Mary Callahan Erdoes allegedly sought guidance from disgraced former financier Jeffrey Epstein in 2005 to resolve a $600 million tax issue, as stated in legal filings.

Erdoes, a seasoned executive at JPMorgan who later became the head of the bank’s asset and wealth management division, personally requested assistance from Epstein regarding the significant tax matter, according to court documents filed by the U.S. Virgin Islands.

The filing redacted the identity of the individual on whose behalf Erdoes made the request.

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

These new allegations regarding JPMorgan’s long-standing association with Epstein were disclosed as part of a lawsuit by the U.S. Virgin Islands, accusing the bank of facilitating Epstein’s sex trafficking operation. Epstein died by suicide in August 2019 while incarcerated in Manhattan on charges of child sex trafficking.

The U.S. Virgin Islands is now seeking partial summary judgment in its favor, as filed on Monday night. JPMorgan has also submitted a motion for partial summary judgment.

According to the territory’s claim, Epstein was a “personal resource” for Erdoes and her former superior at JPMorgan, Jes Staley. Furthermore, the two bankers allegedly continued their client relationship with Epstein even after he faced allegations of arranging for underage girls to be brought to his residence. Erdoes acknowledged in a deposition this year that JPMorgan was aware of the accusations against Epstein as early as 2006.

The bank took several years to sever ties with Epstein, finally doing so in 2013. JPMorgan agreed to pay $290 million to settle a lawsuit filed by Epstein’s victims, but the U.S. Virgin Islands’ lawsuit remains ongoing.

In 2008, following the revelation of Bernie Madoff’s Ponzi scheme, Erdoes purportedly asked Staley to reach out to Epstein “to get the scoop from down there,” as mentioned in the recent court filing by the U.S. Virgin Islands.

JPMorgan provided the following statement in response: “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.”