Millions of dollars that were sent from the estate of disgraced billionaire pedophile Jeffrey Epstein into a bank he owned – but appeared to never have operated as a business – has raised questions from a judge overseeing a court case over his remaining assets.
In a hearing yesterday in the Virgin Islands over the disgraced financier’s remaining assets, Judge Carolyn Hermon-Purcell told lawyers representing his estate she wasn’t satisfied with their account of large sums being sent to a bank first set up by the pedophile in 2014.
The judge has been tasked with assessing Epstein’s assets and possibly creating a victims’ fund for the women he assaulted.
In documents presented to the judge, transactions show a series of multi-million dollar payments from Epstein’s estate to his bank, Southern County International, after his death.
Despite the territory approving the bank’s operation in 2014, the bank showed no signs of having been operational in the years before Epstein’s death.
In August last year, when Epstein was found hanged in his jail cell, the bank – which was specifically opened to manage offshore payments and investments – had just $693,157 in assets.
In December 2019, Epstein’s estate transferred $15.5 million to the bank. The bank sent back $2.6 million, leaving $12.9 million.
There was then a withdrawal of nearly all funds before the end of the year, leaving the balance at around $500,000.
Judge Hermon-Purcell said: ‘There’s no explanation for it.’
The payments were listed among everyday bills, for things like cable payments.
Epstein’s lawyers said the transfers were made in error but Judge Hermon-Purcell has demanded Epstein’s estate provide further details on the accounting irregularities.
In his 2014 application for the license to run the bank, which his criminal history shouldn’t have allowed him to obtain, he described himself as one of the ‘pioneers’ of investment.
He added that he would like to chase the ‘dynamic discipline of international banking.’
The application he was approved for allowed him to run one of the US Virgin Islands’ first international banking institutions.
This was an international bank, which would allow him to deal with offshore clients and investments.
To be the owner of a bank, one must undergo extensive background checks and it’s a surprise that the application was approved with Epstein’s prior history of sexual assault, according to the New York Times.
The bank renewed its license every year up until Epstein apparently killed himself.
Despite the renewals, there has been no indication that the bank was operating as a business in the the time it was open.
In January, a lawsuit filed by the US Virgin Islands posthumously accused of sexually abusing and trafficking hundreds of girls and young women on his private Caribbean island as recently as 2018 and had a database to keep track of their availability.
The lawsuit, filed against the millionaire pedophile’s estate last month claimed Epstein used his two private islands in the U.S. territory to engage in a nearly two-decade conspiracy to traffic and abuse girls as young as 11 or 12.
Many of the victims were allegedly aspiring models from South America and he used fake modelling visas to fly them across international borders to his two islands – known as Little Saint James and Great Saint James – the lawsuit claims.
Epstein’s net worth is estimated at $634 million – tens of millions of dollars more than first thought.
At the time of his death last August, the disgraced pedophile’s estate was said to be worth $577 million, but the revised sum ($57 million more) is now laid out in a new quarterly accounting document obtained Monday.
In the six months since he died, Epstein’s executors have liquidated four of bank accounts and sold off his fleet of luxury cars to bolster the worth of his estate.
Epstein, who grew up in a working class Brooklyn family, was a financier, but there is still some mystery as to how he managed to acquire such astronomical sums of money.
According to the new documents, the executors have sold five of Epstein’s cars including a $195,000 Bentley, a $133,200 Mercedes and three Chevrolet Suburbans worth a total of $112,000.
The identities of the purchasers have not been disclosed.
Epstein’s estate also closed four bank accounts associated with his companies. The accounts held more than $500,000 in cash combined.
The document also reveals that Epstein did his main banking through two banks in Puerto Rico – 1 First Bank and Banco Popular.