Giant Bank Implicated in Epstein Case, Funded Maxwell's Hiding Place?

Jakarta, CNBC Indonesia - The name of the Swiss banking giant, UBS, has been dragged into the vortex of the sexual crime case involving Jeffrey Epstein and his associate, Ghislaine Maxwell. The latest documents from the US Department of Justice reveal UBS’s role in the flow of funds used by Maxwell to purchase a hiding property before her arrest.

A Reuters report on Saturday (28/3/2026) states that the remote 156-hectare property in New Hampshire, nicknamed “Tucked Away”, was bought in cash in December 2019 for US$1.1 million, or approximately Rp17.05 billion. The house became Maxwell’s hiding place until she was arrested by the FBI in July 2020.

Based on investigation documents, the funds for purchasing the house came from a UBS transfer sent a month earlier through a network of trusts and bank accounts. The transfer was still processed even though UBS had received a court subpoena from US authorities in August 2019 regarding the child sex trafficking investigation involving Epstein.

UBS was even known to continue handling transactions for Maxwell-related accounts about three months after the subpoena was issued. In internal communications, the bank informed Maxwell that their business relationship would be terminated within one month, without explaining the reason.

“Banks informed of a criminal investigation usually try to seek public information to justify freezing funds,” said Tom Kirchmaier, a financial crime expert from the London School of Economics.

The documents also reveal that UBS transferred nearly US$8 million, or approximately Rp124 billion, in November 2019 from the Montpelier Trust account, an entity established by Maxwell, to an investment account that was subsequently used to buy the property.

This flow of funds occurred while UBS was still in discussions with the FBI regarding documents requested via a grand jury subpoena. To date, it remains unclear whether those transactions were reported as suspicious activity to authorities, as required for banks operating in the US.

The case once again highlights the role of financial institutions in handling high-risk clients. US Senator Ron Wyden assessed that banks often ignore red flags to retain wealthy clients.

“The pattern we see is that banks turn a blind eye because very wealthy clients can easily move their money elsewhere,” said Wyden.

He also emphasised that Maxwell was not just a minor player in the Epstein case. “Ghislaine Maxwell was not just a small-time accomplice in Epstein’s crimes; she was an essential part of a human trafficking operation that spanned the globe,” he stated.

The documents also show that Epstein continued to have access to major Wall Street financial services even after his 2008 conviction, highlighting weaknesses in oversight of high-profile clients.

Maxwell’s Wealth Trail

In court documents, the combined wealth of Maxwell and her then-husband, Scott Borgerson, was estimated at US$22.5 million, or approximately Rp348.75 billion, in 2020.

Much of that wealth came from the sale of a Manhattan property worth US$15 million (Rp232.5 billion) in 2015. The funds then flowed through UBS accounts for various investments, including the purchase of the New Hampshire property.

UBS was known to have managed up to US$19 million (Rp294.5 billion) of Maxwell’s funds. In October 2020, she still had about US$4.1 million, or Rp63.55 billion, at the bank.

In addition to UBS, British bank Barclays was also mentioned as holding Maxwell’s funds outside the US, with a balance of US$2.4 million, or approximately Rp37.2 billion, in 2018.

Maxwell was arrested by the FBI at the “Tucked Away” property after using the alias “Janet Marshall” and claiming to be a journalist to maintain her privacy when buying the house.

At the time of arrest, authorities found a mobile phone wrapped in aluminium foil to avoid tracking, as well as a security system involving former British military personnel.

Maxwell was convicted in 2021 and sentenced to 20 years in prison for her role in recruiting and exploiting underage girls in Epstein’s network.

To date, UBS and several related parties have refused to provide detailed comments on the transactions and their relationship with Maxwell.