EFTA00172295.pdf

Jeffrey Epstein's offshore fortune traced to Paradise Papers - ICU Page I of 3 International Consortium of Investigative Journalists INVESTIGATIONS • READING TIME REPORTING BY Spencer Woodman I JOURNALISTS SLOG ABOUT • JEFFREY EPS] t IN HAS BEEN ARRESTED FOR ALLEGED SEX TRAFFICKING OF UP" IF YOU BE A V1 Paradise Papers LS P RSION AND FEEL YOU CAU. THE FOLLOWING NW CALL FBI Jeffrey Epstein's offshore fortune traced to Paradise Papers Fresh revelations raise the likelihood that sex offender Jeffrey Epstein cloaked his fortune in a series of offshore shell companies registered in notoriously secretive tax havens. The wealthy financier accused of systematically assaulting and trafficking numerous underage girls tried this week to convince a federal judge in New York to allow him to go free on bail, partially by detailing his fortune for the court. This request was rejected today, but the revelation of documents by the International Consortium of Investigative Journalist? partners McClatchy and the Miami Herald underscores the challenge the courts will face as his case proceeds. The most extensive document — amounting to 500 pages detailing the activities of an Epstein offshore vehicle — comes fmm the Paradise Papers trove, millions of files leaked from the Bermuda-founded offshore services provider Appleby. The files reportedly show that, by the mid-2000s Epstein's firm had joined a roster of the world's wealthiest people and corporations in working with Appleby, and therefore gaining a skilled group of experts to help it navigate the secretive and low-tax world of offshore finance, the new report states. From at least 2000 to 2007, Epstein chaired a company registered in Bermuda called Liquid Funding Ltd. This entity was partially owned by the investment bank Bear Steams, where Epstein had worked, according to the report. The bank's collapse would help set in motion the 2008 financial crisis. IMR-05-0211E 05:22 HI Liquid fulls*. Di 1Mi Bari et D4cCITS eftlitECCS WOPC Rtiat•Tra FMK P. 03 https://www.icij.org/investigations/paradise-papers/jeffrey-epsteins-offshore-fortune-trace... 7/22/2019 EFTA00172295 Jeffrey Epstein's offshore fortune traced to Paradise Papers - ICIJ Page 2 of 3 AGi ANNUAL. GENERAL MEETING it is hereby RESOLVED to rocorninatd to the Shacholdes that the busincss to be cocdueted at the Annual Genera! Matins of the Comply be effected by Wiilltn fee/Julien% in I'm of such a meeting and that twit resolutions be effective as of the date hereof. I kffrey F. Epacin Epstein's offshore company was loaded up with some of the financial products — like mortgage-hacked securities and collateralized loan obligations — that would become synonymous with the financial excesses leading to the financial crisis. According to the Miami Herald and McClatchy. Liquid Funding had commercial mortgages and investment-grade residential mortgages bundled into complex securities. -The three main credit rating agencies — Standard & Poor's. Fitch Ratings and hloody's Investors Service — all helped Bear Stearns create the securities in a way that would allow the creative product to get a gold-plated AAA rating." the Miami Herald and McClatchy reported. Recommended reading The Panama Papa•. nit Counling the Panama Papers money: The Influencers: Trumps Allies in thc 'Offshore %Ink: ircle lam Firm lin how we reached 51.28 billion Partite Papers Record of Compliance Failure, The task of determining Epstein's wealth has been a significant factor in the decision of whether he is released from jail pending trial. Prosecutors cited Epstein's wealth as making him more likely to flee ahead of a trial date. The Herald and McClatchy reporters were able to reach one director. Marcus Klug. listed in the leaked documents as helping administer Epstein's offshore vehicle. Klug. now a member of the governing board of Bundespensionskasse AG. a large Austrian pension fund. confirmed he was a director of an Epstein company when he worked for an Austrian insurance company that had invested in liquid Fund. according to the Herald and McClatchy. liquid was evidently a shell company and its directorship duties appeared pro forma. 'There was neither a physical board meeting or a call between board members: Klug explained to the Herald and McClatchy. adding of Epstein.1 never met him." https://wwvv.icij.org/investigations/paradise-papers/jeffrey-epsteins-offshore-fortune-trace... 7/22/2019 EFTA00172296 Jeffrey Epstein's offshore fortune traced to Paradise Papers - ICIJ Page 3 of 3 RELATED TOPICS: Offshore finance Paradise Papers SPREAD THE WORD HELP US CONTINUE OUR WORK We depend on the generous support of readers like you to help us expose corruption and hold the powerful to account. The ICIJ is dedicated to ensuring all reports we publish are accurate. If you believe you have found an inaccuracy let us know. INTERNATIONAL CONSORTIUM OF INVESTIGATIVE JOURNALISTS 1710 Rhode Island Ave NW. I1 to floor Washington DC 20036 USA contacVgicij.org Sulk by ABOUT US INVESTIGATIONS FOLLOW US Our team ICIJ members Media partners Our supporters Tools and tips The Implant Files The Paradise Papers The Panama Papers Secrecy For Sale Evicted and Abandoned Facebook Linkedln Tvatter Instagram Sign-up O2019 —The International Consortium of Investigative Journalists. All rights reserved. Privacy Policy I Terms of Use https://www.icij.org/investigations/paradise-papers/jeffrey-epsteins-offshore-fortune-trace... 7/22/2019 EFTA00172297