6 years · $177M+ in assets · Post-conviction · “Congrats on getting Epstein funded!”
One day after JPMorgan terminated Jeffrey Epstein in August 2013, Deutsche Bank onboarded him as a client. The same banker — Paul Morris — brought him over. Senior management celebrated: “Congrats on getting Epstein funded!” The bank’s own security service had documented his sex offender conviction and child trafficking investigation. The FBI later identified his Butterfly Trust as “a conduit for money paid to female victims.” Deutsche Bank paid $225 million in penalties. No employee has faced criminal charges.
On August 19, 2013 — one day after JPMorgan terminated Epstein — Deutsche Bank onboarded him as a client. Paul Morris, Epstein’s private banker at JPMorgan, had already moved to Deutsche Bank and brought Epstein with him.
Morris pitched Deutsche Bank on Epstein with “estimated flows of $100–300M… revenue of $2–4 million annually.”
“Congrats on getting Epstein funded!”
EFTA01450188 — Senior management celebrating onboarding a convicted sex offender. This was not ignorance. This was a business victory.
The same month, Morris opened four Epstein entity accounts simultaneously: 2007 Insurance Trust, FORK Associates, HSRK Associates, and Darren K. Indyke PLLC (EFTA01282044).
Deutsche Bank’s own security service documented Epstein’s background before onboarding (EFTA01481413):
Paul Morris personally signed the banker attestation certifying he was “protecting the firm’s reputation from inappropriate business relationships.”
Hyperion Air Inc was rated HIGH risk in Deutsche Bank’s own KYC system.
EFTA00128973/EFTA00128987: FBI interviews with a Deutsche Bank compliance officer revealed internal dissent:
Compliance officer to supervisor Wayne: “How do we have this guy as a client?”
Wayne agreed but said it “wasn’t her call.”
Epstein maintained 20+ accounts at Deutsche Bank. Key entities:
All accounts were managed by Paul Morris as PRIMARY OFFICER (account #690519). Jeanne Brennan, Epstein’s head accountant, had power of attorney on all accounts.
The FBI identified the Butterfly Trust as “a conduit for money paid to female victims” (EFTA00037690).
Transaction monitoring (March 2017) cleared a suspicious payment to a Russian model with the notation:
“Since this type of activity is normal for this client it is not deemed suspicious.”
Source: DFS Consent Order §41
EFTA01368849 (February 14, 2018): Deutsche Bank’s own internal email identifies the beneficial owners behind Epstein’s managed entities:
= Jeffrey Epstein (primary entity, $95.33M in derivatives)
= Leon Black. DB “working tirelessly” to develop relationship, competing for $300M loan.
= Michael Bloomberg
= Wanek family (Ashley Furniture, ~$12B net worth)
Internal tone: “lots of opportunity to pursue” — not flagging for compliance, but seeking more business.
Darren Indyke, Epstein’s attorney, withdrew $7,500/week in cash — just below the $10,000 Currency Transaction Report threshold.
Deutsche Bank filed three SARs — all on Indyke’s structuring pattern, not on the trafficking payments flowing through the Butterfly Trust:
| SAR | Date | Subject |
|---|---|---|
| SAR #1 | September 2016 | Indyke cash structuring |
| SAR #2 | June 2017 | Indyke cash structuring (continued) |
| SAR #3 | Supplemental | Indyke cash structuring (supplemental) |
A compliance officer identified the structuring pattern but was overruled by colleague Tammy Hill-McFadden (Florida team), who initially said it was not structuring.
Morris was Epstein’s private banker at JPMorgan, then moved to Deutsche Bank and immediately brought Epstein as a client. He is the only banker known to have served Epstein at two major banks.
At JPMorgan, Morris had requested a background check on Ghislaine Maxwell for the “Pot and Kettle” account (EFTA01594201). The report found extensive derogatory information: Robert Maxwell SFO fraud, Ghislaine’s “source of wealth classified as something of a mystery,” DWI arrest. Morris maintained the relationship.
In December 2018, Deutsche Bank finally terminated Epstein after negative press coverage.
Three months later, in March 2019, Deutsche Bank director Stewart Oldfield proactively offered to write a reference letter to Bank Leumi:
“Happy to provide a letter as we discussed for the bank that received funds from your DB account for the investment you made.”
The bank was actively facilitating Epstein’s continued access to banking after the relationship had officially ended.
Deutsche Bank managed Epstein alongside some of the world’s wealthiest people. Epstein was not a fringe client — he was part of the bank’s premium tier:
Major wires processed through Deutsche Bank Epstein accounts (EFTA00027019):
| Amount | To / From | Date |
|---|---|---|
| $23M | To Kellerhals Ferguson Kroblin PLLC (USVI law firm) | Nov 13, 2015 |
| $15M | From Benjamin de Rothschild (personal wire) | Dec 21, 2015 |
| $10M | From Edmond de Rothschild (Suisse) SA Geneva | Dec 17, 2015 |
| $250K | To Joi Ito (MIT Media Lab) | July 2014 |
| $40K | To Achrayut Leumit (Ehud Barak’s political entity) | Via Bank Leumi |
| $2.65M | Butterfly Trust → 120+ beneficiaries | 2014–2018 |
| Date | Event |
|---|---|
| 2013-08-19 | Onboarded Epstein — immediately after JPMorgan terminated him. Paul Morris brought him over. Pitched "estimated flows of $100-300M... revenue of $2-4 million annually." (DFS Consent Order ¶21) |
| 2013-09-12 | Epstein's accountant Harry Beller sends JPM-to-DB account transition chart to Paul Morris's assistant Amanda Kirby, identifying all Epstein JPM accounts including a previously unknown Butterfly Trust brokerage account EFTA00029805 |
| 2013-2019 | Epstein lawyer Darren Indyke withdrew $7,500/week in cash — just below $10K CTR reporting threshold. DB compliance officer noted structuring pattern but Tammy Hill-McFadden (FL team) initially said it was not structuring; compliance officer disagreed. EFTA00128973 EFTA00128987 |
| 2014-01-24 | Opened Butterfly Trust — beneficiaries included co-conspirators and women with Eastern European surnames. Over 120 wires totaling $2.65M sent to beneficiaries. Compliance flagged a beneficiary as named co-conspirator but alert was cleared. (DFS Consent Order ¶30-31) |
| 2015-01 | Internal concerns raised about Epstein relationship — DB Co-Head 'Packard' decides to maintain it EFTA00016422 |
| 2015-11-13 | $23M wire to Kellerhals Ferguson Kroblin PLLC (Epstein's USVI law firm) EFTA00027019 |
| 2015-12-17 | Edmond de Rothschild (Suisse) SA Geneva wires $10M to Southern Trust Company EFTA00027019 |
| 2015-12-21 | Benjamin Edmond de Rothschild wires $15M to Southern Trust Company EFTA00027019 |
| 2017-03 | Transaction monitoring email cleared suspicious payment to Russian model: "since this type of activity is normal for this client it is not deemed suspicious." (DFS Consent Order ¶41) |
| 2018-12 | Terminated Epstein relationship after additional negative press coverage. (DFS Consent Order) |
| 2019-07-12 | FBI interviews DB compliance officer (handwritten notes in EFTA00128973, FD-302 in EFTA00128987). Officer raised reputational concerns to supervisor Wayne: "how do we have this guy as a client." Wayne agreed but "wasn't her call." Internal attempts to exit relationship via reputational panel. EFTA00128973 EFTA00128987 |
| 2019-08 | SDNY serves subpoena on Deutsche Bank. DB provides 'extremely comprehensive presentation' and large document production. EFTA00020181 EFTA00016397 |
| 2019-09 | Deutsche Bank presents to SDNY: Exhibit S maps 'Epstein Links to Other Financial Institutions' (Morgan Stanley, TD Ameritrade, Butterfly Trust, etc.) EFTA01681865 |
| 2019-11-12 | DB plans to interview former employees including Paul Morris about Epstein accounts. SDNY has 'no concerns.' EFTA00017064 |
| 2020-07-07 | NY DFS $150M consent order for failed AML controls on Epstein accounts EFTA00027017 |
| July 7, 2020 | $150 million — NY Department of Financial Services Consent Order for “numerous AML failures” on Epstein accounts (EFTA00027017) |
| May 2023 | $75 million — Settlement with Epstein victim class (Doe v. Deutsche Bank, 1:22-cv-10019) |
No Deutsche Bank employee has faced criminal charges. Paul Morris retained counsel when the FBI engaged him in August 2020. No proffer results have been made public.
| JPMorgan | Deutsche Bank | |
|---|---|---|
| Period | 1998–2013 (15 years) | 2013–2019 (6 years) |
| Pre/Post conviction | Pre-conviction client | Post-conviction only |
| Onboarding | Legacy client from 1998 | Deliberately sought out & celebrated |
| SARs during relationship | 0 | 3 (structuring only) |
| Penalties | $365M ($290M + $75M) | $225M ($150M + $75M) |
| Internal resistance | Yes (overruled by Staley) | Minimal (celebrated onboarding) |
| The banker | Same person: Paul Morris | |
Entity relationships and wire transfers involving Deutsche Bank (from Money Network analysis).
| From | Description |
|---|---|
| 🏢 Southern Trust Company | Primary bank ($177M+) |
| 🏢 Southern Financial LLC | $95M derivatives |
| 🏢 Jeepers, Inc. | $25M assets |
| 🏢 Haze Trust | $22M derivatives |
| 🏢 MC2 Model Management | Account |
| 🏢 Plan D, LLC | Account |
| 👤 Paul Morris | Primary Officer, acct #690519 |
| 🏢 Epstein Insurance Trust | Account (closing Nov 2018) |
| 👤 Jeanne Brennan | POA on all Epstein accounts |
| 🏢 Mort, Inc. | Deposit + Money Market |
| 🏢 NES, LLC | Account |
| 🏢 New York Strategy Group, LLC | Account |
| 🏢 J. Epstein VI Foundation | Brokerage only |
| 🏢 Neptune LLC | Account |
| 🏢 Hyperion Air LLC | Account |
| 🏢 DKI PLLC | Account + Attorney Trust |
| 🏢 HBRK Associates Inc. | Wire authorization |
| To | Description |
|---|---|
| 🏢 USVI Settlement | $75M settlement |
| 👤 Victims (JPM Fund) | $150M consent order (2020) |
| 🏦 Bank Leumi LeIsrael | Reference letter for STC (Mar 2019) |
| 🏢 Bank Victim Settlements | $75M settlement (May 2023) |
| 🏢 NY DFS Penalty | $150M DFS penalty (Jul 2020) |
Every finding in our database involving Deutsche Bank, its employees, or its role in enabling Epstein.
See also: JPMorgan Chase · Apollo · All Banks · Financial Findings · Money Network · Paul Morris
All evidence sourced from the EFTA corpus, DFS Consent Order, court filings, and FBI records.