(Ryan Fahey) Millions of dollars that were sent from the estate of disgraced billionaire pedophile Jeffrey Epstein into a bank he owned – but appeared to never have operated as a business – has raised questions from a judge overseeing a court case over his remaining assets.
by Ryan Fahey, February 5th, 2020
In a hearing yesterday in the Virgin Islands over the disgraced financier’s remaining assets, Judge Carolyn Hermon-Purcell told lawyers representing his estate she wasn’t satisfied with their account of large sums being sent to a bank first set up by the pedophile in 2014.
The judge has been tasked with assessing Epstein’s assets and possibly creating a victims’ fund for the women he assaulted.
In documents presented to the judge, transactions show a series of multi-million dollar payments from Epstein’s estate to his bank, Southern County International, after his death.
Despite the territory approving the bank’s operation in 2014, the bank showed no signs of having been operational in the years before Epstein’s death.
In August last year, when Epstein was found hanged in his jail cell, the bank – which was specifically opened to manage offshore payments and investments – had just $693,157 in assets.
At a hearing yesterday regarding Jeffrey Epstein’s remaining assets, it was discovered that millions of dollars had been sent from his estate to his bank on the US Virgin Islands after the financier’s death. This March 28, 2017, file photo, provided by the New York State Sex Offender Registry, shows Jeffrey Epstein
In December 2019, Epstein’s estate transferred $15.5 million to the bank. The bank sent back $2.6 million, leaving $12.9 million.
There was then a withdrawal of nearly all funds before the end of the year, leaving the balance at around $500,000.
Judge Hermon-Purcell said: ‘There’s no explanation for it.’
The payments were listed among everyday bills, for things like cable payments.
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Epstein’s lawyers said the transfers were made in error but Judge Hermon-Purcell has demanded Epstein’s estate provide further details on the accounting irregularities.
In his 2014 application for the license to run the bank, which his criminal history shouldn’t have allowed him to obtain, he described himself as one of the ‘pioneers’ of investment.
He added that he would like to chase the ‘dynamic discipline of international banking.’
The pedophile also owned a 75-acre island in the US Virgin Islands, which became his high-security getaway after he bought it back in 1998
Epstein died in August at MCC Manhattan (above) while awaiting trial on charges he sexually abused dozens of girls as young as 14 and young women in New York and Florida
The application he was approved for allowed him to run one of the US Virgin Islands’ first international banking institutions.
This was an international bank, which would allow him to deal with offshore clients and investments.
To be the owner of a bank, one must undergo extensive background checks and it’s a surprise that the application was approved with Epstein’s prior history of sexual assault, according to the New York Times.
The bank renewed its license every year up until Epstein apparently killed himself.
Despite the renewals, there has been no indication that the bank was operating as a business in the the time it was open.
Many of the victims were allegedly aspiring models from South America and he used fake modeling visas to fly them across international borders to his two islands – known as Little Saint James (above)and Great Saint James – a lawsuit claims
His cell is seen above after his death. His death was ruled a suicide by hanging by the New York City medical examiner, but his attorneys have contested that finding
In January, a lawsuit filed by the US Virgin Islands posthumously accused Epstein of sexually abusing and trafficking hundreds of girls and young women on his private Caribbean island as recently as 2018 and had a database to keep track of their availability.
The lawsuit, filed against the millionaire pedophile’s estate last month claimed Epstein used his two private islands in the U.S. territory to engage in a nearly two-decade conspiracy to traffic and abuse girls as young as 11 or 12.
Many of the victims were allegedly aspiring models from South America and he used fake modelling visas to fly them across international borders to his two islands – known as Little Saint James and Great Saint James – the lawsuit claims.
Epstein’s net worth is estimated at $634 million – tens of millions of dollars more than first thought.
At the time of his death last August, the disgraced pedophile’s estate was said to be worth $577 million, but the revised sum ($57 million more) is now laid out in a new quarterly accounting document obtained Monday.
In the six months since he died, Epstein’s executors have liquidated four of bank accounts and sold off his fleet of luxury cars to bolster the worth of his estate.
Epstein, who grew up in a working class Brooklyn family, was a financier, but there is still some mystery as to how he managed to acquire such astronomical sums of money.
According to the new documents, the executors have sold five of Epstein’s cars including a $195,000 Bentley, a $133,200 Mercedes and three Chevrolet Suburbans worth a total of $112,000.
The identities of the purchasers have not been disclosed.
Epstein’s estate also closed four bank accounts associated with his companies. The accounts held more than $500,000 in cash combined.
The document also reveals that Epstein did his main banking through two banks in Puerto Rico – 1 First Bank and Banco Popular.
Stillness in the Storm Editor: Why did we post this?
Corruption is endemic to our world. Organizations that gain the trust of the people misuse that trust and are rarely brought to justice. The people have a valid right to know of the activities of its public servants so as to dethrone them once malfeasance or wrongdoing has been identified. The preceding article highlights corruption within public service institutions, revealing a breach of trust with respect to their lawful mandate to occupy said office. It is critically important for the evolution of society that individuals become aware of corruption, so as to unite together and declare grievances in an effort to correct the situation. When those grievances aren’t recognized by those in office, the people now have a valid right to remove the lawless individuals in these positions of power so as to restore law and order. All of this can only be possible individuals to gain awareness of the corruption at hand and begin the process of forming actions groups capable of issuing lawful rebukes. If done properly, the forces that oversee the realms of men will rally to support the people.
Not sure how to make sense of this? Want to learn how to discern like a pro? Read this essential guide to discernment, analysis of claims, and understanding the truth in a world of deception: 4 Key Steps of Discernment – Advanced Truth-Seeking Tools.
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