LONDON/TORONTO, Feb 8 – Swiss banking giant UBS (UBSG.S) maintained a long running financial relationship with Ghislaine Maxwell, managing millions of dollars for her and continuing to move funds even after the 2019 arrest of Jeffrey Epstein, according to a set of official documents made public by U.S. authorities. The material sheds new light on how major financial institutions assessed risk when dealing with individuals closely linked to Epstein, who had already been convicted of a sex offense more than a decade earlier.
The documents reveal that UBS began working with Maxwell in 2014, shortly after JPMorgan Chase ended its relationship with Epstein and flagged Maxwell internally as a high risk client years earlier. Despite widespread reporting about her close association with Epstein, UBS opened multiple personal and business accounts for Maxwell and provided services typically reserved for wealthy private banking clients.
How Maxwell Became a UBS Client
Ghislaine Maxwell and Jeffrey Epstein had been clients of JPMorgan Chase for many years. However, internal compliance concerns began mounting at JPMorgan following Epstein’s 2008 conviction for soliciting prostitution from a minor. According to court filings connected to later litigation, JPMorgan identified Maxwell in 2011 as a high risk client due to her close ties to Epstein. Around the same period, Epstein himself was also marked as high risk under the bank’s policies, which required enhanced scrutiny for clients with felony convictions.
By 2013, JPMorgan decided to close Epstein’s accounts. Not long after, Maxwell began searching for a new wealth manager. An email exchange from late 2013 shows that she was introduced to UBS by David Wassong, then a partner at Soros Private Equity Partners. In his message to UBS representatives, Wassong described Maxwell as a friend who was looking to move her banking relationship and encouraged the bank to meet with her.
Early in 2014, UBS began processing the transition of Maxwell’s accounts from JPMorgan. Internal emails indicate there was urgency to complete the paperwork, as Maxwell was preparing to travel for an extended period. UBS staff acknowledged reviewing her submitted documents and asked follow up questions as part of the onboarding process.
Once the accounts were opened, UBS provided Maxwell with a full suite of private banking services. She was assigned two relationship managers and maintained both personal and corporate accounts. These accounts held cash, publicly traded shares, and investments in hedge funds. By early 2014, one of her UBS accounts held close to $2 million, according to bank statements included in the document release.
Maxwell used UBS accounts to manage funds linked not only to her personal expenses but also to several entities under her control. These included the TerraMar Project, a nonprofit organization she founded, as well as companies such as Ellmax, Pot & Kettle, Max Foundation, and Max Hotel Services. Over the years, UBS handled transactions amounting to as much as $19 million across her accounts.
During this period, UBS also briefly extended services to Epstein himself. Emails show that after JPMorgan closed Epstein’s accounts, UBS provided him with a credit card in 2014. That relationship ended within months, reportedly due to reputational risk concerns. However, UBS continued to work with Maxwell despite extensive media coverage describing her long standing personal and professional relationship with Epstein.
Banking After Epstein’s Arrest
One of the most striking aspects of the documents is that UBS continued processing transactions for Maxwell after Epstein’s arrest in July 2019 on federal sex trafficking charges. Sixteen days after that arrest, UBS transferred $130,000 at Maxwell’s request from her savings account to her checking account. The purpose was to cover an American Express credit card bill.
Earlier records also show UBS complying with large transfer requests from Maxwell, including a 2016 instruction to send $2.5 million to Scott Borgerson, whom she married that same year. Borgerson has not publicly commented on the transaction.
In August 2019, roughly a month after Epstein’s arrest, UBS received a federal grand jury subpoena seeking information related to Maxwell. According to a letter the bank sent to the Federal Bureau of Investigation, UBS provided records concerning wire transfers connected to her accounts. The documents do not clearly state when, or if, UBS ultimately closed Maxwell’s accounts.
UBS has declined to answer detailed questions about its relationship with Maxwell, including why it accepted her as a client after another major bank had classified her as high risk. The bank has stated there is no evidence of wrongdoing by UBS or its employees, and some records indicate that due diligence checks were performed when Maxwell’s accounts were transferred. However, the exact scope and findings of that due diligence have not been disclosed.
Maxwell was arrested in 2020 and convicted the following year for her role in helping Epstein sexually abuse teenage girls. She is currently serving a 20 year prison sentence. Her legal representatives have not responded publicly to questions regarding her banking relationships.
The newly released documents were made public by the U.S. Justice Department as part of broader litigation and investigative efforts tied to Epstein’s financial network. Legal experts say the records highlight ongoing questions about how large banks evaluate reputational and legal risk, particularly when dealing with wealthy clients who have controversial associations.
JPMorgan, which later settled a lawsuit brought by the U.S. Virgin Islands for $75 million in 2023, has denied having knowledge of Epstein’s criminal conduct. The bank has not explained publicly when it closed Maxwell’s accounts or why. UBS, meanwhile, faces renewed scrutiny over its decision to maintain a financial relationship with Maxwell well into the period when Epstein’s legal troubles were escalating and drawing international attention.
Taken together, the documents paint a detailed picture of how Maxwell was able to access global banking services for years, even as warning signs accumulated. For regulators, journalists, and the public, the case raises broader concerns about accountability within the private banking industry and how institutions balance profit, compliance, and ethical responsibility when managing the wealth of controversial figures.