Jeffrey Epstein, Morocco Palace and $27.7 Million Transfer Before Arrest

U.S. court records reveal that the brokerage firm managed these capital transfers while Epstein was already under heightened public scrutiny, Reuters reports. In April 2019, Schwab opened three accounts for the financier’s entities, including Southern Trust, a structure dedicated to acquiring the “Bin Ennakhil” estate. This exceptional property, spanning 4.6 hectares and adorned with marble and gold, had been the subject of intermittent negotiations since 2011.

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The transfer mechanism raises questions about the institution’s risk management. In late June 2019, an initial wire transfer of $12.7 million was sent and then canceled. Schwab subsequently honored a second request for $14.95 million, signed by Epstein himself, even though the account did not yet have sufficient funds because of the delay in the return of the first payment.

In response to these revelations, Schwab said it had alerted the Financial Crimes Enforcement Network (FinCEN) shortly after Epstein’s arrest. The firm said it decided to close his accounts within 60 days following an internal investigation. “We also referred the matter to federal law enforcement,” the company stated, while citing banking secrecy laws to avoid commenting on the details of the transactions.

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Marc Leon, the real estate agent in Marrakech, for his part defended the legality of the transaction, emphasizing that “nothing prevented” Epstein from purchasing a property after serving his 2008 sentence. These financial details are now being closely examined by the U.S. Congress, while the financier’s accountant has been ordered to explain the management of this opaque empire. The “Bin Ennakhil” palace has since been sold to another buyer.