(July 11): Deutsche Bank AG ended its relationship with Jeffrey Epstein this year after renewed scrutiny of a plea deal he struck in 2008 over charges of soliciting a prostitute.
The German bank’s private wealth business closed the accounts of the registered sex offender over the course of several months in the first half of this year, according to a person familiar with the situation, who asked not to be identified discussing private matters. A Deutsche Bank spokesman in New York declined to comment.
Epstein was arrested Saturday and charged with sex trafficking and conspiracy by federal prosecutors in New York. The Justice Department is seeking to send him to prison for years and seize his Manhattan mansion. He previously served 13 months in a Florida prison as part of the plea deal, which has come under scrutiny ever since the Miami Herald revisited the case in a November report.
Epstein’s wealth and business is somewhat of a mystery. He left Bear Stearns in 1981 to set up his own firm after a swift rise at the investment bank. While he reportedly managed money for billionaires for decades, his trades, if any, have attracted little attention from most market players despite an outsize lifestyle featuring private jets and properties in Manhattan, Paris and the Virgin Islands. - Bloomberg