Newly released files from the U.S. Justice Department reveal that UBS set up accounts for Ghislaine Maxwell in 2014 and managed significant sums in the years before her conviction on sex-trafficking charges. The documents - which include emails, bank statements and correspondence - describe personal and business accounts holding cash, shares and investments in hedge funds, and show UBS staff processed transfers and provided bespoke services commonly reserved for wealthy clients.
According to the records, UBS established both personal and corporate accounts for Maxwell shortly after JPMorgan Chase decided to end its relationship with Jeffrey Epstein. The files indicate UBS assigned two relationship managers to Maxwell and that the bank handled movement of millions of dollars for her over subsequent years.
The Justice Department materials also indicate that, in 2014, UBS issued a credit card to Epstein, who had previously been jailed and pleaded guilty in 2008 to soliciting prostitution from an underage girl. That UBS account for Epstein was closed in September of the same year. An email cited in the records notes Epstein's account history and a bank determination that the account posed a reputational risk. The documents further show that, despite public reporting about Maxwell's ties to Epstein, UBS proceeded with and maintained its relationship with her.
UBS did not provide responses to questions posed for this article, including why it accepted Maxwell as a client after another major bank had flagged the relationship as high risk. The documents themselves contain references to due diligence steps taken by UBS before transferring accounts from JPMorgan, though the transcripts and correspondence available do not elaborate on the specifics of that vetting. The files also include a statement that there is no evidence of wrongdoing by UBS or its advisers within the disclosed materials.
Maxwell's legal representative did not provide comment in response to a request.
How Maxwell arrived at UBS
The materials trace Maxwell's institutional banking history back to JPMorgan, which had provided services to Epstein and Maxwell for years. Internal JPMorgan records shown in related filings indicate the bank conducted know-your-customer checks and in 2011 recommended Maxwell be categorized as a "High Risk Client" because of her connections to Epstein. In 2013, JPMorgan closed Epstein's account, with filings noting the bank's policy that felons required additional approvals and could be considered high risk.
In December 2013, correspondence shows an introduction was made to UBS on Maxwell's behalf. An email from that introduction period is quoted in the documents as urging UBS to "expedite this transition from JPMorgan," citing Maxwell's upcoming travel and need to have paperwork completed. UBS representatives replied that they had reviewed submitted documents and had follow-up questions as they processed the move.
Soon after those exchanges, UBS opened accounts for Maxwell. The records identify multiple uses for the accounts: personal expenses, business operations and charitable activity tied to an entity named TerraMar Project, alongside corporate names appearing on statements such as Ellmax, Pot & Kettle, Max Foundation and Max Hotel Services. One account in February 2014 is shown with nearly $2 million in cash.
Operational details in the files show Maxwell provided instructions to the bank about moving funds. For example, in 2016 she directed a $2.5 million payment to Scott Borgerson, who is identified in the documents as having been her spouse in that year. On July 22, 2019 - 16 days after Epstein's arrest - UBS records show the bank moved $130,000 at Maxwell's request from a savings account to a checking account to help cover an American Express card bill.
Neither Borgerson nor Maxwell's attorneys offered comments in response to outreach for this article.
Regulatory and investigative touches
The documents further record that on August 16, 2019, the month following Epstein's arrest, UBS received a grand jury subpoena relating to Maxwell. A letter from UBS to the Federal Bureau of Investigation, included in the Justice Department materials, states the bank provided the FBI with information on wire transfers.
The publicly released materials do not make clear when UBS ultimately closed Maxwell's accounts, or whether they were closed at all within the parts of the file disclosed. Separately, filings against JPMorgan in federal court referenced in the records show JPMorgan later settled litigation for $75 million. JPMorgan has denied knowledge of Epstein's criminal conduct in statements contained in the materials, and did not provide a response to questions about the timing of account closures for Maxwell.
What the files show - and what they leave open
The Justice Department cache provides a chronological view of banking interactions, transfers and communications involving Maxwell and two major banks. It outlines account openings, transfers to family or spouses, the bank's assignment of relationship managers, the issuance and closure of accounts tied to Epstein, and the exchange with authorities following grand jury activity. At the same time, the records do not disclose the full scope of the due diligence UBS performed before initiating the relationship, nor do they indicate whether the bank was ever found to have breached legal or regulatory obligations in its handling of Maxwell's accounts.
As presented in the documents, the banks' internal flags, account movements and subsequent subpoenas illustrate intersections between private wealth management, reputational assessment and law enforcement scrutiny when clients become subjects of criminal investigations.
Key points
- UBS opened personal and business accounts for Ghislaine Maxwell in 2014 and managed investments and cash, with records showing as much as $19 million under its management in the years leading to her conviction - impact: banking and wealth management sectors.
- Files show UBS assigned relationship managers and processed transfers including large payments and a $130,000 transfer shortly after Epstein's arrest; they also show the bank responded to a grand jury subpoena in August 2019 - impact: legal and compliance functions within financial services.
- JPMorgan had earlier flagged Maxwell as high risk in 2011 and closed Epstein's account in 2013 for reputational reasons; UBS proceeded to accept Maxwell as a client after a December 2013 introduction - impact: reputational management and client onboarding practices in banks.
Risks and uncertainties
- Reputational risk for banks accepting clients tied to high-profile criminal allegations - this affects the wealth management and broader banking sectors and is illustrated by JPMorgan's prior account closures and internal risk flagging.
- Regulatory and investigative uncertainty - grand jury subpoenas and information provided to authorities create ongoing legal exposures and compliance scrutiny for institutions that serviced the client, impacting bank legal teams and compliance operations.
- Incomplete public record on due diligence and account closure timing - the documents do not specify the extent of vetting performed by UBS before onboarding Maxwell or precisely when her accounts were closed, leaving gaps in the public understanding of the banks' internal decision-making processes.