JPMorgan Chase will pay $75 million to settle a lawsuit brought by the US Virgin Islands over Jeffrey Epstein’s sex trafficking operation. The lawsuit alleged that JPMorgan was complicant as Epstein was a client from 1998 to 2013, withdrawing up to $750,000 per year. While the settlement does not admit liability, JPMorgan regrets its association with Epstein. This is the first time a bank has paid an enforcement action related to human trafficking. The US Virgin Islands has also secured over $165 million in other settlements from Epstein’s estate and those connected to his crimes.
The agreement recognizes JPMorgan’s efforts to fight human trafficking through anti-money laundering programs.
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Another example of the rich buying their way out of crimes.
If the penalty for crimes is a fine, the law only applies to the poor.
That’s chump change for a bank.
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