Millions of dollars that were sent from the estate of disgraced billionaire pedophile Jeffrey Epstein into a dormant bank he had opened in 2014 has raised questions from a judge overseeing a court case over his remaining assets.
In court documents obtained yesterday regarding the billionaire’s Virgin Islands assets, a judge found that in August last year, when Epstein was found hanged in his jail cell, the financier’s bank in the territory – Southern County International – had no more than $693,157.
In December, Epstein’s estate transferred $15.5 million to the bank. The bank sent back $2.6 million, leaving $12.9 million.
There was then a withdrawal of almost all funds before the end of the year, leaving the balance at around $500,000.
Epstein’s lawyers said the transfers were made in error but Judge Carolyn Hermon-Purcell has demanded the Epstein estate provide details on what happened.
Southern County International, a specialized bank created for dealing with offshore clients, was set up by Epstein in the Virgin Islands in 2014.
The bank renewed its license every year up until Epstein apparently killed himself.
Despite the renewals, there has been no indication that the bank was operating as a business in the time it was open.
The approval of Epstein’s application is also highly irregular due to Epstein’s reputation as a known and previously convicted pedophile, according to a report from the New York Times.
Epstein’s net worth is estimated at $634 million – tens of millions of dollars more than first thought.
At the time of his death last August, the disgraced pedophile’s estate was said to be worth $577 million, but the revised sum ($57 million more) is now laid out in a new quarterly accounting document obtained Monday.
In the six months since he died, Epstein’s executors have liquidated four bank accounts and sold off his fleet of luxury cars to bolster the worth of his estate.
Epstein, who grew up in a working-class Brooklyn family, was a financier, but there is still some mystery as to how he managed to acquire such astronomical sums of money.
According to the new documents, the executors have sold five of Epstein’s cars including a $195,000 Bentley, a $133,200 Mercedes and three Chevrolet Suburbans worth a total of $112,000.
The identities of the purchasers have not been disclosed.
Epstein’s estate also closed four bank accounts associated with his companies. The accounts held more than $500,000 in cash combined.
The document also reveals that Epstein did his main banking through two banks in Puerto Rico – 1 First Bank and Banco Popular.
VIA: Daily Mail