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UBS Banked Ghislaine Maxwell for Years, Moving Her Money After Epstein’s Arrest
Ghislaine Maxwell and Jeffrey Epstein are seen in this image released by the Department of Justice in Washington, D.C., U.S., on December 19, 2025 as part of a new trove of documents from its investigations into the late financier and convicted sex offender Jeffrey Epstein. U.S. Justice Department/Handout via REUTERS
Swiss wealth giant UBS opened accounts for Ghislaine Maxwell in 2014 just months after JPMorgan Chase decided to end its relationship with Jeffrey Epstein and helped her manage as much as $19 million in the years leading to her sex-trafficking conviction, documents show.
The documents, part of a cache released by the US Justice Department last month, provide fresh insights into the extent of UBS’ banking relationship with Maxwell, who was arrested in 2020 and found guilty in 2021 for her role in helping Epstein sexually abuse teenage girls. She is currently serving a 20-year prison sentence.
The documents, which include emails and bank statements, show the Swiss lender opened personal and business accounts for Maxwell holding cash, shares and investments in hedge funds. UBS assigned her two relationship managers, who then helped Maxwell move millions of dollars and accorded her other benefits the bank reserves for its wealthy clients.
In 2014, after JPMorgan closed Epstein’s accounts, UBS provided him with a credit card, an email shows. Epstein had been jailed and pleaded guilty in 2008 to soliciting prostitution from an underage girl.
That account was closed in September that year. Epstein’s accountant told him UBS had taken the decision because of the “reputational risk,” an email shows. But the bank continued its relationship with Maxwell even though her proximity to Epstein had been reported by several media, including in an interview with the financier.
UBS declined to respond to Reuters questions for this article, including why it took on a client deemed high risk by another bank. There is no evidence of any wrongdoing on the part of UBS or its advisers, and some documents show the bank conducted due diligence before transferring her accounts from JPMorgan. Reuters could not learn details of the diligence the bank did.
A lawyer for Maxwell did not respond to a request for comment.
MAXWELL IS INTRODUCED TO UBS
Epstein and Maxwell had banked with JPMorgan for years, but the biggest US lender started getting concerned about risks of dealing with them in the years following Epstein’s 2008 conviction.
In 2011, while conducting know-your-customer checks, JPMorgan advised internally that Maxwell be flagged as a “High Risk Client” over her links to Epstein, separate US court documents show. In 2013, JPMorgan decided to close Epstein’s account.
JPMorgan flagged in Epstein’s history that “[p]er bank policy, felons [like Epstein] are considered high risk and require additional approval,” according to a court submission by the US Virgin Islands against JPMorgan in federal court in New York. JPMorgan settled the case for $75 million in 2023.
JPMorgan, which has denied knowledge of Epstein’s crimes, declined to comment. The bank declined to say when and why it closed Maxwell’s accounts.
In December 2013, David Wassong, then a partner at Soros Private Equity Partners, introduced Maxwell to UBS, according to an email exchange.
“I have cced one of my best friends named Ghislaine maxwell (sic). She is looking for a new wealth manager, and I told her she had to meet you,” Wassong wrote.
On February 14, 2014, an email with the names redacted urges UBS to “expedite this transition from JPMorgan.”
“Ghislaine is leaving for over a month next week so she really needs to get this moved over / paperwork signed before her departure. Also, she would like to speak to you to introduce herself, etc,” the email reads.
In response, UBS representatives said they had reviewed documents submitted by her and had some follow-up questions as they processed the move to the bank.
Wassong did not respond to a request for comment about his dealings with Maxwell.
Soon after, UBS had opened an account and Maxwell used it for her personal expenses and businesses, including her charity TerraMar Project, as well as for entities called Ellmax, Pot & Kettle, Max Foundation and Max Hotel Services, the documents show. As early as February 2014, Maxwell had nearly $2 million in one of her UBS accounts.
Maxwell instructed the bank on how to move her cash. In one request in 2016, Maxwell asked the bank to make a $2.5 million payment to Scott Borgerson, to whom she was married that year.
On July 22, 2019, 16 days after Epstein’s arrest, UBS moved $130,000 on Maxwell’s request from her savings to her checking account to help pay an American Express card bill, the documents show.
Borgerson did not reply to a LinkedIn message requesting comment.
On August 16, 2019, the month after Epstein’s arrest, UBS received a Grand Jury Subpoena on Maxwell, according to a letter from UBS to the Federal Bureau of Investigation. UBS provided the FBI with information on wire transfers, according to the letter.
Reuters could not determine when – and if – UBS had closed Maxwell’s accounts.
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Israel’s Ben-Gvir Visits Flashpoint Al-Aqsa Mosque Compound
Israeli politician Itamar Ben-Gvir walks inside the Knesset, in Jerusalem, Oct. 13, 2025. Photo: Chip Somodevilla/Pool via REUTERS
Israel’s far-right police minister Itamar Ben-Gvir visited the flashpoint Al-Aqsa Mosque compound in Jerusalem on Sunday, saying he was seeking greater access for Jewish worshipers and drawing condemnation from Jordan and the Palestinians.
The compound in Jerusalem’s walled Old City is one of the most sensitive sites in the Middle East. Known to Jews as Temple Mount, it is the most sacred site in Judaism and is Islam’s third-holiest site.
Under a delicate, decades-old arrangement with Muslim authorities, it is administered by a Jordanian religious foundation and Jews can visit but may not pray there.
Suggestions that Israel would alter the rules have sparked outrage among Muslims and ignited violence in the past.
“Today, I feel like the owner here,” National Security Minister Ben-Gvir said in a video filmed at the site and distributed by his office. “There is still more to do, more to improve. I keep pushing the Prime Minister (Benjamin Netanyahu) to do more and more — we must keep rising higher and higher.”
A statement from the Jordanian foreign ministry said it considered Ben-Gvir’s visit to be a violation of the status quo agreement at the site and “a desecration of its sanctity, a condemnable escalation and an unacceptable provocation.”
The office of Palestinian president, Mahmoud Abbas, said such actions could further destabilize the region.
Ben-Gvir’s spokesman said the minister was seeking greater access and prayer permits for Jewish visitors. He also said that Ben-Gvir had prayed at the site.
There was no immediate comment from Netanyahu’s office. Previous such visits and statements by Ben-Gvir have prompted Netanyahu announcements saying that there is no change in Israel’s policy of keeping the status quo.
Muslim, Christian and Jewish sites, including Al-Aqsa had been largely closed to the public during the Iran war. There was no immediate sign of unrest on Sunday after Ben-Gvir’s visit.
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Netanyahu Visits Troops Fighting Hezbollah in Southern Lebanon
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime Minister’s office in Jerusalem, Aug. 10, 2025. Photo: ABIR SULTAN/Pool via REUTERS
i24 News – Israeli Prime Minister Benjamin Netanyahu visited Israeli forces operating in southern Lebanon on Sunday as military operations against Hezbollah-linked targets continue.
Netanyahu toured forward positions alongside Defense Minister Yisrael Katz, Eyal Zamir, and Northern Command Commander Rafi Milo, meeting troops and receiving operational briefings from commanders on the ground.
Speaking to soldiers, Netanyahu praised their performance and said operations in the Lebanese security zone were ongoing.
“The war continues, including within the security zone in Lebanon,” he said, adding that Israeli forces were working to prevent infiltration attempts and neutralize threats such as anti-tank fire and missiles.
He described the northern campaign as part of a broader regional struggle involving Iran and its allies, saying Israel’s adversaries were now “fighting for their survival” following sustained Israeli military pressure.
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Saudi Arabia Restores Full Capacity on East-West Oil Pipeline to 7 Million BPD After Attacks
FILE PHOTO: General view of Khurais NGL recovery plant in the eastern province of Saudi Arabia, June 28, 2021. Picture taken June 28, 2021. REUTERS/Mohammed Benmansour./File Photo
Saudi Arabia has restored full oil pumping capacity through the East-West pipeline to about seven million barrels per day, it said on Sunday, days after providing an assessment of damage on its energy sector from attacks during the Iran conflict.
The ministry said energy facilities and the pipeline affected by attacks during the conflict have recovered and restored operational capacity.
Saudi did not specify who launched the attacks, but the kingdom has intercepted many Iranian missiles and drones in recent weeks.
The strikes also disrupted operations at key oil, gas, refining, petrochemical and electricity sites in Riyadh, the Eastern Province and Yanbu Industrial City.
OUTPUT RECOVERY TO HELP SUPPLY CONTINUITY
Saudi said on Thursday the attacks had cut its oil production capacity by around 600,000 barrels per day and throughput on its East-West Pipeline by about 700,000 bpd.
The East-West Pipeline has been Saudi Arabia’s only crude export route amid the closure of the Strait of Hormuz. Reuters reported on Wednesday that Iran attacked the pipeline just hours after the ceasefire was agreed.
The ministry said it recovered affected volumes from the Manifa oilfield, where output had previously been reduced by around 300,000 bpd.
Work was ongoing to restore full output at the Khurais facility, after strikes on it reduced Saudi capacity by a further 300,000 bpd, the ministry said.
It said the quick recovery would enhance the “reliability and continuity of supplies to local and global markets.”