Deutsche Bank Kept Epstein Accounts Open Months After Announced Closure

U.S. Department of Justice show Deutsche Bank continued to operate accounts for Jeffrey Epstein months after the bank said it had terminated the relationship. On May 10, 2019, Deutsche Bank director Stewart Oldfield wrote to colleagues that some Epstein accounts remained open despite the bank's earlier statements.

Oldfield noted that Epstein intended to close the remaining accounts that week or the next.

Bank had informed Epstein in December 2018 that it would end the relationship. The bank gave Epstein's team until the end of February 2019 to move funds, but later granted multiple extensions. Some accounts stayed open after Epstein's arrest on July 6, 2019. All accounts were finally closed on July 9, 2019.

One account named The Butterfly Trust remained active until May 2019. Documents show nearly $3 million in payments from the account to alleged co-conspirators or women with Eastern European surnames. Deutsche Bank staff who questioned the payments were told the funds covered hotel expenses, tuition, and rent.

Bank paid $150 million to New York regulators and $75 million to Epstein's victims. A bank spokesperson stated the institution had notified Epstein in December 2018 and worked to transfer assets in the following months. The spokesperson also said the bank contacted law enforcement after Epstein's arrest and has since increased training and controls.

White-collar defense lawyer Priya Chaudhry said that when a bank affirms facts to regulators, senior lawyers have a duty to verify accuracy. She noted that false statements in regulatory filings can carry legal consequences.