We may earn commissions if you use the recommended services on this site.  

"Jeffrey Epstein Referred JPMorgan Potential Customer: Obama White House Counsel"

Latest Business News

Jeffrey Epstein's Involvement in Referring Obama White House Counsel to JPMorgan

Epstein's Role in Establishing a Client Relationship

A recent court filing has revealed that convicted sex predator Jeffrey Epstein played a part in establishing a client relationship between Kathryn Ruemmler, former White House Counsel under President Obama, and JPMorgan Chase. The filing alleges that Epstein's personal assistant touted Ruemmler as an ideal customer to the bank, which was warmly embraced. This connection was made in February 2019, months before Epstein's arrest on federal child sex trafficking charges.

JPMorgan's History with Epstein

Interestingly, JPMorgan had effectively fired Epstein as a client years prior due to repeated internal red flags and concerns raised about him. However, the bank continued to work with Epstein until his arrest in 2019, as stated in the filing. This raises questions about JPMorgan's handling of the relationship and its knowledge of Epstein's criminal history.

The Lawsuit and Allegations

The court filing was made by the government of the U.S. Virgin Islands, which is suing JPMorgan, alleging that the bank enabled and benefited from Epstein's sex trafficking of young women. JPMorgan denies any wrongdoing and settled a similar lawsuit last month, paying $290 million to Epstein's victims.

Epstein's Influence and Referrals

The filing also reveals that Epstein referred other potential clients to JPMorgan, including Nicholas Ribis, a gaming advisor who ran casinos for former President Donald Trump. The extent of Epstein's influence and connections within the bank raises concerns about the ethical implications of these relationships.

JPMorgan's Defense and Legal Proceedings

JPMorgan argues that the U.S. Virgin Islands government was complicit in Epstein's crimes and that its former executive, Jes Staley, is responsible for any civil liability due to the bank's business relationship with Epstein. The case is scheduled to go to trial in late October, shedding further light on the extent of JPMorgan's involvement with Epstein.

Implications and Fallout

The revelations surrounding Epstein's involvement with JPMorgan and the referral of high-profile individuals as potential clients have significant implications for both the bank and those named. The court proceedings will likely uncover more details about the extent of Epstein's influence and the actions taken by JPMorgan, potentially impacting its reputation and legal standing. In summary, the court filing linking Epstein to the referral of Obama White House Counsel to JPMorgan raises important questions about the bank's knowledge and handling of the relationship. The ongoing legal proceedings will shed light on the extent of Epstein's influence and the consequences for all parties involved.

Hot Take: Implications for New Businesses

The revelations surrounding Epstein's involvement with JPMorgan and his influence in referring high-profile individuals as potential clients serve as a stark reminder for new businesses about the importance of due diligence and ethical considerations in client relationships.

Need for Due Diligence

The case underscores the importance of thorough due diligence when establishing client relationships. New businesses must ensure they fully understand the background and reputation of potential clients before entering into any business relationship.

Importance of Ethical Considerations

The allegations against JPMorgan highlight the potential fallout from unethical business practices. New businesses must prioritize ethical considerations and ensure they are not complicit in any illegal activities of their clients.

Reputation and Legal Risks

The potential impact on JPMorgan's reputation and legal standing serves as a warning for new businesses about the long-term consequences of their actions. Businesses must be mindful of the potential legal and reputational risks associated with their client relationships. In conclusion, the Epstein-JPMorgan case offers valuable lessons for new businesses about the importance of due diligence, ethical considerations, and awareness of potential legal and reputational risks in client relationships. It's a stark reminder that short-term gains should never outweigh long-term integrity and ethical business practices.
Article First Published at: https://www.cnbc.com/2023/08/15/jeffrey-epstein-referred-obama-white-house-counsel-to-jpmorgan.html
Brought to you by ChatGPT for www.BusinessFormation.io

LLC Filing & Registered Agent Services

Compare Online LLC Filing Services Today

We work with the market leaders in business formation and registered agent services.

Getting started is simple and inexpensive. Form your business today & secure your brand name before someone beats you to it! Click below to view the Top 3 Best LLC and registered agent service providers.
View Top 3 Providers Now

Filing An LLC Can Be Complicated

Streamline Your LLC Filing Online for $39

Northwest Registered Agent is the best-rated service for first time filers.

Get professional LLC formation & registered agent services for only $39 + state filing fee. This offers includes your full LLC setup, plus a private business address, lifetime support, and more.

Trusted by Millions. Save 82% Today.