UBS Managed Ghislaine Maxwell's Finances for Years, Even After Epstein's Arrest

• JPMorgan labeled Maxwell 'High Risk Client' in 2011 and closed Epstein's accounts in 2013 after his 2008 felony conviction, but UBS took her on as a client in early 2014
• UBS processed a $130,000 transfer for Maxwell on July 22, 2019, just 16 days after Epstein's arrest, and received a Grand Jury subpoena regarding her accounts in August 2019
• Maxwell used UBS accounts to manage personal expenses, her TerraMar charity, and multiple business entities, including a $2.5 million payment to Scott Borgerson in 2016, whom she married that year

Market Summary: UBS Managed Ghislaine Maxwell's Finances for Years

Key Facts

Swiss banking giant UBS opened accounts for Ghislaine Maxwell in 2014 and managed up to $19 million for her until her 2020 arrest and subsequent conviction for sex trafficking. The relationship continued even after Jeffrey Epstein's July 2019 arrest, with UBS transferring $130,000 on Maxwell's behalf just 16 days after Epstein was detained.

Companies Involved

UBS: Onboarded Maxwell in 2014 after JPMorgan exited the relationship, providing banking services through multiple accounts for personal expenses, businesses including TerraMar Project charity, and entities like Ellmax and Max Foundation. UBS declined to comment and there is no evidence of wrongdoing.

JPMorgan Chase: Flagged Maxwell as a "High Risk Client" in 2011 due to Epstein connections and closed Epstein's accounts in 2013 following bank policy on convicted felons. JPMorgan previously settled related litigation for $75 million in 2023.

Timeline

• 2008: Epstein convicted
• 2011: JPMorgan flags Maxwell as high-risk
• 2013: JPMorgan closes Epstein accounts
• February 2014: UBS opens Maxwell accounts with nearly $2 million
• July 2019: Epstein arrested; UBS processes Maxwell transfers
• August 2019: UBS receives Grand Jury subpoena
• 2020: Maxwell arrested
• 2021: Maxwell convicted, sentenced to 20 years

Market Implications

The revelations raise questions about wealth management due diligence practices and reputational risk assessment at major banks, particularly regarding high-profile clients with criminal associations. Documents show UBS conducted due diligence before the account transfer, though details remain unclear.