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.
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.
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.
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 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.
More at:
https://www.dailymail.co.uk/news/article-7969451/Epsteins-mystery-bank-came-alive-death.html