UBS’s Quiet Role in Maxwell’s Money Moves
UBS began handling Ghislaine Maxwell’s finances in 2014, a few months after JPMorgan closed its ties with Jeffrey Epstein. Documents released by the U.S. Justice Department reveal that UBS managed up to $19 million for Maxwell before her 2021 conviction for sexual trafficking.
- Accounts & Assets
- UBS opened personal and business accounts, holding cash, shares, and hedge‑fund investments.
Two relationship managers were assigned to her, facilitating large transfers and providing perks typically reserved for high‑net‑worth clients.
- Key Dates
- 2014: After JPMorgan shut Epstein’s account, UBS issued a credit card to him and later opened an account for Maxwell.
- February 2014: Maxwell already held almost $2 million in a single account.
- 2016: Maxwell requested a transfer of $2.5 million to her then‑husband, Scott Borgerson.
- July 2019: Following Epstein’s arrest, UBS moved $130,000 from Maxwell’s savings to her checking account at her request to pay an American Express bill.
- August 2019: A Grand Jury subpoena compelled UBS to provide the FBI with details of Maxwell’s wire transfers.
- Client Use
- Personal expenses.
- Charity: TerraMar Project.
Companies: Ellmax, Pot & Kettle, Max Foundation, and Max Hotel Services.
- Controversy
- UBS has not answered questions about why it accepted a client flagged as high risk by another bank.
- It remains unclear whether UBS ever closed Maxwell’s accounts, though the bank did not deny having conducted due diligence before taking her on.
Implications
UBS’s actions raise questions about how banks screen clients with controversial ties and whether they fully assess reputational risk. While no wrongdoing has been proven, the case highlights the importance of transparency and rigorous client vetting in the financial industry.
