UBS, the Swiss banking giant, processed funds linked to Ghislaine Maxwell that were used to purchase a secluded estate in New Hampshire where she resided before her arrest in July 2020. Documents released by the U.S. Department of Justice in relation to Jeffrey Epstein revealed that UBS transferred funds on Maxwell’s behalf in November 2019, a month before the $1.1 million property was acquired. The funds moved through a web of trusts and banks as Maxwell sought to conceal herself. UBS is a global financial services company providing wealth management, investment banking, and asset management services.
The transfer occurred three months after U.S. criminal investigators issued UBS a grand jury subpoena in August of that year, requesting information on Maxwell’s financial dealings related to a sex trafficking investigation. Internal emails showed UBS informed Maxwell it would cease doing business with her within a month, without providing a reason. Financial institutions are required to implement measures to prevent their services from being used to facilitate crime, and failures can result in penalties, legal action, and reputational damage.
The documents highlight UBS’s role in managing Maxwell’s finances, even though her association with Epstein had been reported prior to her becoming a client. Experts noted that banks sometimes overlook red flags for wealthy clients. The U.S. attorney’s subpoena instructed UBS to keep the request secret to avoid impeding the investigation. Senator Ron Wyden stated that banks may turn a blind eye to ultra-wealthy clients’ activities to avoid losing their business. Maxwell was convicted in 2021 and is serving a 20-year prison sentence for sex trafficking offences.
Files indicate that Epstein maintained access to major Wall Street firms even after his 2008 conviction, with Deutsche Bank servicing his accounts into 2019 and Morgan Stanley opening accounts for Epstein-linked trusts as late as March of that year. UBS declined to comment on Maxwell or the payment, citing client confidentiality. The U.S. Justice and Treasury Departments also declined to comment.
