Swiss banking giant UBS opened accounts for Ghislaine Maxwell in 2014, only months after JPMorgan Chase cut ties with Jeffrey Epstein, according to documents released by the U.S. Justice Department.
The records show UBS went on to manage as much as $19 million for Maxwell in the years leading up to her arrest in 2020 and her conviction in 2021 for sex trafficking-related crimes. Maxwell is currently serving a 20-year prison sentence.
Accounts, Assets, and Special Treatment
The documents—consisting of internal emails, account records, and correspondence—offer new detail into the scale of UBS’s relationship with Maxwell. They indicate the bank opened both personal and business accounts holding cash, equities, and hedge fund investments.
UBS assigned Maxwell two relationship managers and provided services typically reserved for high-net-worth clients, including facilitating large money transfers and managing multiple entities connected to her business and charitable activities.
Among those entities were TerraMar Project, a nonprofit founded by Maxwell, as well as Ellmax, Pot & Kettle, Max Foundation, and Max Hotel Services. By early 2014, one UBS account alone held nearly $2 million.
Epstein’s Accounts Closed, Maxwell’s Continued
After JPMorgan closed Epstein’s accounts in 2013, UBS briefly provided him with a credit card in 2014, according to an internal email. That arrangement ended later that year, with Epstein’s accountant informing him that UBS had acted due to “reputational risk.”
Despite growing public reporting on Maxwell’s close association with Epstein, UBS continued banking her even as concerns surrounding Epstein intensified.
Epstein had pleaded guilty in 2008 to soliciting prostitution from an underage girl and served jail time. Media coverage increasingly highlighted Maxwell’s proximity to him in the years that followed.
Due Diligence and Bank Responses
UBS declined to answer questions from Reuters about why it accepted Maxwell as a client after JPMorgan deemed her high risk. The bank has not been accused of wrongdoing, and some documents suggest UBS conducted due diligence before onboarding her accounts.
However, details of that review process were not disclosed. A lawyer representing Maxwell did not respond to requests for comment.
How Maxwell Reached UBS
Maxwell and Epstein had long banked with JPMorgan, but internal compliance reviews there raised red flags following Epstein’s conviction. In 2011, JPMorgan flagged Maxwell internally as a “High Risk Client” because of her association with Epstein, according to court filings.
By 2013, JPMorgan decided to close Epstein’s accounts, citing internal policy that classified convicted felons as high risk. The bank later settled a lawsuit brought by the U.S. Virgin Islands for $75 million in 2023, while denying prior knowledge of Epstein’s crimes.
JPMorgan declined to comment on when or why it closed Maxwell’s accounts.
In December 2013, Maxwell was introduced to UBS by David Wassong, then a partner at Soros Private Equity Partners, according to email correspondence included in the records. Wassong described Maxwell as a friend seeking a new wealth manager and urged UBS to move quickly.
By February 2014, emails show UBS staff working to expedite the transfer of Maxwell’s accounts from JPMorgan.
Money Moves After Epstein’s Arrest
UBS continued executing transactions for Maxwell well after Epstein’s July 2019 arrest on federal sex trafficking charges. Records show that 16 days after his arrest, UBS transferred $130,000 at Maxwell’s request to cover an American Express bill.
Earlier transactions included a $2.5 million payment in 2016 to Scott Borgerson, whom Maxwell married that year.
In August 2019, UBS informed the FBI that it had received a grand jury subpoena related to Maxwell and had provided records of wire transfers. It remains unclear when—or if—UBS ultimately closed her accounts.
Ongoing Scrutiny
The newly released documents add to growing scrutiny of financial institutions that continued servicing Epstein-related clients despite mounting public warnings and internal compliance concerns.
While no wrongdoing by UBS has been established, the records underscore how Maxwell was able to access global banking services for years—even after Epstein’s arrest and amid widespread reporting on their relationship.