A recent court hearing in London has revealed that JPMorgan Chase & Co. informed British regulators in 2019 about suspicions regarding Jes Staley’s potential involvement in Jeffrey Epstein’s criminal activities. This disclosure was made shortly before the UK’s Financial Conduct Authority (FCA) launched a formal investigation into Staley, the former Barclays Plc CEO and longtime JPMorgan executive.
JPMorgan’s Warning to UK Regulators
According to Mark Steward, head of enforcement at the FCA, JPMorgan shared information suggesting Staley’s possible involvement in criminal activity related to Epstein’s trafficking convictions.
However, Steward clarified in his witness statement that he did not agree with JPMorgan’s assessment, stating:
“While I did not consider there was a sufficiently strong enough basis to suspect the applicant was involved in criminal conduct with Mr. Epstein, I considered there was a strong basis to suspect the true nature of the relationship was materially different from the impression conveyed in the 8 October 2019 response and this justified opening an investigation.”
The FCA ultimately did not accuse Staley of criminal involvement but found that he “recklessly misled” regulators about his friendship with Epstein.
Financial Transactions Under Scrutiny
Court documents also revealed that JPMorgan flagged two payments made to an unidentified woman in 2009, when Staley was still working at the bank.
• The first payment occurred in January 2009, when Staley traveled to Florida to meet Epstein at his Palm Beach office.
• The second payment was made in September 2009, when Staley was scheduled to visit London.
The nature of these payments and their connection to Epstein’s operations remain unclear.
FCA’s Lifetime Ban and Staley’s Legal Battle
Following its investigation, the FCA imposed a lifetime ban on Staley, barring him from holding senior positions in the financial sector. Additionally, he was fined £1.8 million ($2.3 million) for misleading regulators about his relationship with Epstein.
However, Jes Staley is currently challenging the ban and the fine. His legal team pointed to an FCA statement reiterating that the regulator has never accused Staley of being involved in Epstein’s criminal activities:
“At no point has the authority sought to make the case that Mr. Staley was involved in or witnessed the conduct of Mr. Epstein which formed the subject of the allegations made against him and led to his arrest.”
Conclusion
The revelations about JPMorgan’s concerns regarding Jes Staley add another layer of complexity to the long-running Epstein saga. While Staley has consistently denied any wrongdoing, his ties to Epstein and alleged misrepresentation of their relationship have led to severe regulatory consequences. As his legal battle continues, the case highlights the far-reaching impact of Epstein’s network on the global financial industry.
