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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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Iran’s Guards Will View Military Vessels Approaching Strait as Ceasefire Breach
FILE PHOTO: A map showing the Strait of Hormuz is seen in this illustration taken March 23, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
Iran’s Revolutionary Guards said on Sunday that any military vessels attempting to approach the Strait of Hormuz will be considered a violation of the two-week US ceasefire and be dealt with harshly and decisively.
The strait is under the control and “smart management” of Iran’s Navy, the Guards said in a statement reported by Iranian state media, adding it is “open for the safe passage of non-military vessels in accordance with specific regulations.”
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Iran Rejected US Demand to Stop Funding Proxies, and Halt Uranium Enrichment During Talks
FILE PHOTO: The atomic symbol and the Iranian flag are seen in this illustration, July 21, 2022. REUTERS/Dado Ruvic/Illustration/File Photo
i24 News – Iran has rejected core US demands in recent negotiations, including an end to uranium enrichment, the dismantling of major nuclear facilities, and a halt to support for regional terrorist groups, according to a senior US official speaking to Reuters.
The official also said that Tehran refused to end backing for Hamas, Hezbollah, and the Houthis, as well as calls to fully open the strategically vital Strait of Hormuz, underscoring deep divisions that continue to stall diplomacy.
The failed talks come as assessments from officials and experts suggest that Iran’s nuclear program has remained largely resilient despite five weeks of intense US and Israeli strikes.
According to reporting from The Wall Street Journal, that while the campaign did cause significant damage to research facilities and parts of Iran’s enrichment infrastructure, the strikes appear to have stopped short of eliminating Iran’s most sensitive capabilities.
Iran likely retains operational centrifuges and access to a heavily fortified underground enrichment site, preserving the technical foundation of its program.
A critical concern for Western officials is Iran’s continued possession of an estimated 1,000 pounds of near-weapons-grade uranium. The International Atomic Energy Agency has reported that roughly half of this stockpile is stored in reinforced containers within tunnels beneath the Isfahan nuclear complex.
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Trump Vows to Blockade Strait of Hormuz After Iran Peace Talks Fail to Yield Agreement
Pakistan’s Prime Minister Shehbaz Sharif meets with Iranian Parliament Speaker Mohammad Bagher Ghalibaf, as delegations from the United States and Iran are expected to hold peace talks, in Islamabad, Pakistan, April 11, 2026. Office of the Iranian Parliament Speaker/WANA (West Asia News Agency)/Handout via REUTERS
President Donald Trump said on Sunday the US Navy would start blockading the Strait of Hormuz, raising the stakes after marathon talks with Iran failed to reach a deal to end the war, jeopardizing a fragile two-week ceasefire.
Trump also said in a post on Truth Social that the US would take action against every vessel in international waters that had paid a toll to Iran, and begin destroying mines that he said the Iranians had dropped in the strait, a choke point for about 20% of global energy supplies that Iran has blocked.
Iran’s Revolutionary Guards responded with a statement warning that military vessels approaching the strait will be considered a ceasefire breach and dealt with harshly and decisively, underlining the risk of a dangerous escalation.
“Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz,” Trump said in his Truth Social post.
“I have also instructed our Navy to seek and interdict every vessel in International Waters that has paid a toll to Iran. No one who pays an illegal toll will have safe passage on the high seas,” Trump added.
“Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!” he added.
Six weeks of fighting has killed thousands, roiled the global economy and sent oil prices soaring as Iran prevented traffic through the strait.
MORE NEGOTIATIONS?
In an interview with Fox News after his post about the strait, Trump said that he believed Iran would continue to negotiate and called the weekend discussions “very friendly.”
“I do believe they’re going to come to the table on this, because nobody can be so stupid as to say, ‘We want nuclear weapons,’ and they have no cards,” Trump told Fox News from his golf course near Miami, Florida.
Trump also said that NATO allies, whom he has criticized for failing to back the war he launched along with Israel on February 28, wanted to help with the operation in the strait.
There was no immediate comment from Washington’s allies.
The weekend talks in Islamabad, which followed the announcement of a ceasefire last Tuesday, were the first direct US-Iranian meeting in more than a decade and the highest-level discussions since the 1979 Islamic Revolution.
“The bad news is that we have not reached an agreement, and I think that’s bad news for Iran much more than it’s bad news for the United States of America,” said Vice President JD Vance, who headed the US delegation.
A US official said Iran had rejected Washington’s call for an end to all uranium enrichment, the dismantling of all major enrichment facilities and the transfer of highly enriched uranium. The two sides also failed to reach agreement on the US demand that Iran cease funding for Hamas, Hezbollah and the Houthis as well as fully open the strait, the official added.
Iran’s Parliamentary Speaker Mohammad Baqer Qalibaf, who led his country’s delegation along with Foreign Minister Abbas Araqchi, blamed the US for not winning Tehran’s trust, despite his team offering “forward-looking initiatives.”
Iran’s President Masoud Pezeshkian, who discussed the talks in a call with Russian President Vladimir Putin, said Tehran wanted “a balanced and fair agreement.”
“If the United States returns to the framework of international law, reaching an agreement is not far off,” he told Putin, Iranian state media reported.
ISRAEL CONTINUES BOMBING LEBANON
Iran’s semi-official Tasnim news agency said “excessive” US demands had hindered reaching a deal. Other Iranian media said there was agreement on a number of issues, but the strait and Iran’s nuclear program were the main sticking points.
Despite the stalemate, three supertankers fully laden with oil passed through the Strait of Hormuz on Saturday, shipping data showed, in what appeared to be the first vessels to exit the Gulf since the ceasefire deal.
Israel has continued bombing Tehran-backed Hezbollah terrorists in Lebanon, insisting – along with Washington – that that conflict was not part of the Iran-US ceasefire. Iran says the fighting in Lebanon must stop.
The Israeli military said it struck Hezbollah rocket launchers overnight into Sunday and black smoke could be seen rising in the southern suburbs of the Lebanese capital Beirut.
And in Israeli villages near the border, air raid sirens sounded, warning of incoming rocket fire from Lebanon.