Bank Pays $72.5M to Settle Epstein Sex Trafficking Lawsuit
Bank of America agreed to a $72.5 million settlement over claims it ignored warning signs about convicted pedophile Jeffrey Epstein's sex trafficking activities.
Bank of America has agreed to pay a $72.5 million settlement to resolve a lawsuit alleging the bank ignored numerous red flags related to convicted pedophile Jeffrey Epstein's sex trafficking operations. The bank denied any wrongdoing but decided to settle the case out of court.
The lawsuit, filed by the U.S. Virgin Islands, claimed that Bank of America continued to provide banking services to Epstein even after he was convicted of soliciting prostitution from a minor in 2008. Epstein had been a client of the bank since the 1990s, and the lawsuit alleged that the bank was aware of his criminal history and the suspicious nature of many of his transactions.
According to the lawsuit, Bank of America failed to report numerous suspicious activities, including large cash withdrawals, payments to alleged co-conspirators, and transfers to offshore accounts. The bank also allegedly continued to provide banking services to Epstein's various shell companies, which were used to facilitate his sex trafficking operations.
{{IMAGE_PLACEHOLDER}} alt=Source: Deutsche Welle
