NEW YORK - Deutsche Bank will pay a US$150 million fine from a New York regulator for allowing disgraced financier Jeffrey Epstein to make payments to Russian models and withdraw suspicious amounts of cash during five years as a client.
"For years, Mr Epstein's criminal, abusive behavior was widely known, yet big institutions continued to excuse that history and lend their credibility or services for financial gain," New York Governor Andrew Cuomo said in a statement. Epstein was a Deutsche Bank client from August 2013 to December 2018, when the relationship ended after further negative press surfaced about his misconduct.
According to a consent order, two Deutsche Bank employees visited Epstein in his New York home in early 2015 and asked about new allegations of sex with underage girls. New York said Epstein had more than 40 Deutsche Bank accounts, some of which were for the"Butterfly Trust", whose beneficiaries included co-conspirators in alleged sexual abuse.
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