Deutsche Bank Fined 150 Million Dollars By New York State Over Ties To Jeffrey Epstein

The Financial giant Deutsche Bank has now been hit with a 150 million dollar fine by New York State over its shady ties with notorious pedophile Jeffrey Epstein. As CNBC reports:

New York state financial regulators said Tuesday that they have slapped Deutsche Bank with a $150 million penalty “for significant compliance failures” in the bank’s dealings with accused child sex trafficker Jeffrey Epstein, the now-dead investor.

The New York State Department of Financial Services said that Deutsche Bank, which agreed to the payment under a consent order, “failed to properly monitor account activity conducted on behalf of the registered sex offender despite ample information that was publicly available concerning the circumstances surrounding Mr. Epstein’s earlier criminal misconduct.”

The department said that because of the bank’s oversight failure, the “bank processed hundreds of transactions totaling millions of dollars that, at the very least, should have prompted additional scrutiny in light of Mr. Epstein’s history.”

Those transactions include payments to people who were publicly alleged to have been Epstein’s co-conspirators in sexually abusing young women, and settlements totaling more than $7 million and payments to law firms of more than $6 million “for what appear to have been the legal expenses of Mr. Epstein and his co-conspirators,” the department said.

Deutsche Bank, in a statement delivered by a spokesperson, added wrongdoing in the case and agreed to pay the fine.

 

 

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  1. kbhret July 16, 2020