Jeffrey Epstein skirted the same law the IRS uses to ruin small businesses
JPMorgan helped Jeffrey Epstein commit thousands of federal banking-law violations, per a bombshell New York Times report.
Federal regulators perpetually ignored endless red flags of Epstein’s multimillion-dollar child-sex-trafficking operations.
Federal money-laundering law requires banks to file a report for each cash transaction exceeding $10,000.
Epstein was pulling out $800,000 in cash each year, “much of which was used to procure girls and young women,” the Times details.
Shortly after Epstein’s death in a New York prison cell, in late 2019, JPMorgan “filed a report with federal regulators that retroactively flagged as suspicious some 4,700 Epstein transactions — totaling more than $1.1 billion.”
JPMorgan kept Epstein as a favored client long after the disgraced financier pleaded guilty and went to prison for soliciting and procuring a minor for prostitution.
In 2013, federal regulators “issued a cease-and-desist order against JPMorgan for anti-money-laundering lapses,” including “failing to report suspicious activities to the government,” the Times reports.
Ironically, during Epstein’s financial crime spree, the Internal Revenue Service was wreaking havoc on hapless small businesses for violating the same law.
Between 2005 and 2012, the IRS seized a quarter-billion dollars from banks because it disapproved of how businesses and individuals structured their deposits and withdrawals.
The IRS pilfered more cash from private bank accounts because of alleged paperwork errors than the total bank robbers looted nationwide.
IRS agents in 2012 confiscated the bank account of Carole Hinders, who had run a small restaurant, Mrs.........
© New York Post
