Deutsche Bank to pay $150 mln penalty over Epstein
Jeffrey Epstein is about to cost Deutsche Bank 150 million dollars.
That’s the penalty the German lender will pay for oversight failures including services it provided to the disgraced financier.
Epstein committed suicide last August while awaiting trial on charges of trafficking minors.
Now New York authorities say the fine is the first enforcement action against a bank over dealings with him.
The state’s Department of Financial Services said Tuesday (July 7) that Deutsche failed to monitor Epstein properly, despite ‘ample’ public evidence of his misconduct.
It says the bank processed hundreds of transactions that should have had more scrutiny.
That included payments to victims, alleged accomplices, and law firms representing Epstein.
In a statement, state governor Andrew Cuomo said big institutions ignored Epstein’s history, and lent him their credibility, in return for financial gain.
On Tuesday Deutsche chief executive Christian Sewing said in a memo to staff that it had been a ‘critical mistake’ to take on Epstein as a client back in 2013.
