Bank of America sued over alleged financial ties to convicted sex offender Jeffrey Epstein
Bank of America is facing a lawsuit for its alleged financial ties with Jeffrey Epstein, the disgraced financier who died in 2019 while awaiting trial on federal sex trafficking charges. The lawsuit, filed on behalf of a Jane Doe, claims that Bank of America facilitated and benefited from Epstein’s sex trafficking venture by providing him with funding and financial support.
The lawsuit alleges that Bank of America had knowledge of Epstein’s criminal activities but chose profit over protecting the victims. Despite these accusations, Bank of America has not yet commented on the lawsuit.
The lawsuit comes in the wake of an investigation launched by Rep. Jamie Raskin into four large banks, including Bank of America, regarding their business relationship with Epstein. The probe aims to uncover more information about approximately $1.5 billion in financial transactions handled by the banks on behalf of Epstein.
Jane Doe, who met Epstein in 2011 while living in Russia, alleges that she was sexually abused and trafficked by him until 2019. The lawsuit claims that Epstein used her Bank of America account to conduct illicit transactions, which should have raised red flags with the bank. Banks are required by law to report suspicious activity in customer accounts to federal authorities in order to detect potential criminal activity such as money laundering or fraud.
According to reports, Bank of America filed two suspicious activity reports in 2020 related to payments made to Epstein by billionaire investor Leon Black. Rep. Raskin questioned the timing of these reports in a letter to Bank of America’s CEO, citing concerns about the bank’s handling of the transactions.
The lawsuit against Bank of America seeks class-action status on behalf of other women abused by Epstein. The attorney representing Jane Doe is David Boies of law firm Boies Schiller Flexner, who also represented Epstein’s victims in a settlement with JPMorgan Chase in 2023.
In light of JPMorgan Chase’s $290 million settlement with Epstein’s victims over allegations of overlooking his crimes for financial gain, the lawsuit against Bank of America raises questions about the role of financial institutions in enabling criminal activities. As the legal battle unfolds, the outcome will shed light on the responsibilities of banks in preventing and reporting suspicious transactions linked to illegal activities.
