Overview
Internal bank records and correspondence included in a set of files released by U.S. authorities show that UBS opened accounts for Ghislaine Maxwell in 2014 and managed a portfolio that at times reached roughly $19 million in the period leading up to her conviction for sex trafficking. The documents detail account openings, transfers, client interaction and subsequent production of material to investigators after Jeffrey Epstein’s arrest in 2019.
Accounts, services and sums
The documents describe UBS opening both personal and business accounts for Maxwell in 2014. Those accounts held cash, shares and investments in hedge funds and were used to support personal expenses as well as a set of entities tied to Maxwell such as TerraMar Project, Ellmax, Pot & Kettle, Max Foundation and Max Hotel Services.
UBS assigned two relationship managers to Maxwell. The records indicate those managers helped execute transfers and payments on her instructions, moved millions of dollars between accounts, and extended services and amenities typically reserved for high-net-worth clients.
One snapshot from early 2014 shows nearly $2 million in a single UBS account belonging to Maxwell. Documents also record a 2016 instruction in which Maxwell asked the bank to make a $2.5 million payment to Scott Borgerson, to whom she was married that year.
Connections to JPMorgan and Epstein
The files show UBS opened Maxwell’s accounts months after JPMorgan Chase ended its relationship with Jeffrey Epstein. Separately, those same records indicate that, following JPMorgan’s exit from Epstein as a client, UBS issued a credit card associated with Epstein in 2014, according to an internal email included in the disclosure. Epstein had pleaded guilty in 2008 to soliciting prostitution from an underage girl and later served jail time; that account was closed in September 2008, according to the materials.
An email cited in the documents shows Epstein’s accountant informed him that UBS had made a decision about his account because of the "reputational risk." Despite that history and media reporting highlighting Maxwell’s proximity to Epstein, UBS continued to maintain a banking relationship with Maxwell.
Introduction and client onboarding
Records include an introductory email from December 2013 in which David Wassong, then a partner at Soros Private Equity Partners, connected Maxwell to UBS. The chain shows a follow-up message on February 14, 2014 urging UBS to expedite the transfer from JPMorgan so paperwork could be completed before Maxwell’s travel. UBS representatives responded that they had reviewed documents submitted by Maxwell and had follow-up questions while processing the transition.
Shortly after these exchanges, UBS established accounts for Maxwell and she began using them for personal and organizational expenses.
Activity around Epstein’s 2019 arrest
The records document account activity in the days following Epstein’s arrest in 2019. On July 22, 2019 - 16 days after the arrest - UBS transferred $130,000 at Maxwell’s request from a savings account to a checking account to assist with payment of an American Express card bill, according to the materials. The files also show that on August 16, 2019, UBS received a grand jury subpoena related to Maxwell and, in a letter to investigators, said it had provided information on wire transfers.
Due diligence and responses
Some of the documents show UBS conducted due diligence before moving Maxwell’s accounts from JPMorgan, but the records made public do not disclose the full scope or details of that vetting. The materials offer no evidence that UBS or its advisers committed any criminal wrongdoing.
UBS declined to respond to questions about why it accepted Maxwell as a client after JPMorgan had ended its ties with Epstein and labeled related accounts as high risk. The record does not make clear when - or if - UBS closed Maxwell’s accounts.
JPMorgan’s earlier actions
The disclosed files also reference internal actions at JPMorgan. While Epstein and Maxwell had banked with JPMorgan for years, JPMorgan grew concerned about risks associated with the relationship in the years following Epstein’s 2008 conviction. A set of court filings cited in the documents indicate that JPMorgan, during its own know-your-customer reviews, flagged Maxwell as a "High Risk Client" in 2011.
JPMorgan decided to close Epstein’s account in 2013 and later faced litigation brought by the U.S. Virgin Islands; a settlement in that matter for $75 million is recorded in the public filings. JPMorgan has denied knowledge of Epstein’s crimes in connection with those proceedings. The bank did not provide a public explanation in the disclosed materials for when and why Maxwell’s accounts were closed by JPMorgan, if and when that occurred.
Communications and comment requests
Emails included in the release capture attempts to coordinate paperwork, introductions and account transfers, and show follow-up questions from UBS as it processed documentation submitted by Maxwell. Individuals named in the correspondence did not provide responses to requests for comment contained in the publicly disclosed materials.
What remains unclear
The publicly released documents outline account openings, transactions and communications with investigators, but they do not provide a comprehensive timeline showing whether UBS later ended its relationship with Maxwell or the precise content of the bank’s diligence. Those omissions leave gaps in the public record about the ultimate disposition of Maxwell’s UBS accounts.