Full Breakdown
UBS's Banking Relationship with Ghislaine Maxwell: Insights from Recent Documents
2/9/2026, 11:39:07 AM
Overview of UBS's Engagement with Maxwell
Recent documents released by the U.S. Justice Department reveal that UBS, a Swiss wealth management firm, opened accounts for Ghislaine Maxwell in 2014, shortly after JPMorgan Chase severed ties with Jeffrey Epstein. These documents indicate that UBS managed as much as $19 million for Maxwell, who was convicted in 2021 for her involvement in Epstein's sex trafficking operations. Currently, Maxwell is serving a 20-year prison sentence.
The documents, which include emails and bank statements, show that UBS opened both personal and business accounts for Maxwell, providing her with substantial financial services typically reserved for wealthy clients. Notably, UBS assigned two relationship managers to assist her in managing her assets, despite her known connections to Epstein, who had a history of sexual offenses.
Transition from JPMorgan to UBS
JPMorgan had flagged Maxwell as a "High Risk Client" due to her association with Epstein, leading to the closure of Epstein's accounts in 2013. In December 2013, David Wassong, a partner at Soros Private Equity Partners, introduced Maxwell to UBS, emphasizing the urgency of transitioning her accounts before her planned departure. By February 2014, UBS had opened an account for Maxwell, which she utilized for personal expenses and various business ventures, including her charity, the TerraMar Project.
Financial Transactions and Legal Scrutiny
The documents detail several significant transactions, including a $2.5 million payment Maxwell requested in 2016 to her then-husband, Scott Borgerson. Following Epstein's arrest in July 2019, UBS facilitated a $130,000 transfer at Maxwell's request, which was intended to cover an American Express bill. Subsequently, UBS received a Grand Jury Subpoena regarding Maxwell, prompting the bank to provide the FBI with information on wire transfers related to her accounts.
Investigative Findings on Epstein's Activities
An extensive review of Epstein's financial records and communications by the FBI revealed substantial evidence of his sexual abuse of underage girls. However, investigators found little evidence to support claims that Epstein operated a sex trafficking ring involving powerful men. Internal memos indicated that while several accusers alleged abuse by other individuals, there was insufficient evidence to pursue federal charges against them.
Criticism and Controversy Surrounding the Investigation
Despite the thorough investigation, critics have pointed out the lack of accountability for Epstein's associates. Virginia Roberts Giuffre, a prominent accuser, claimed that Epstein trafficked her to influential men, including Prince Andrew. However, investigators noted inconsistencies in her accounts and found no corroborating evidence from other victims. The absence of a definitive "client list" of Epstein's associates has also raised questions about the thoroughness of the investigation.
Official Statements and Responses
UBS has not publicly commented on its decision to engage with Maxwell, despite the reputational risks associated with her ties to Epstein. Meanwhile, JPMorgan has denied knowledge of Epstein's criminal activities and has not disclosed the reasons for closing Maxwell's accounts.
Verbatim Quotes
- “While media coverage of the Jeffrey Epstein case references a 'client list,' investigators did not locate such a list during the course of the investigation.” — FBI Supervisory Special Agent
- “We did not, however, locate any such videos.” — Maurene Comey, then-Assistant U.S. Attorney
Conclusion
The documents released by the Justice Department provide critical insights into the banking relationship between UBS and Ghislaine Maxwell, as well as the broader implications of Jeffrey Epstein's criminal activities. The investigation into Epstein's network continues to raise questions about accountability and the extent of his connections to influential figures.
