FOX Business’ Charlie Gasparino gives updates on the arrest of Jeffrey Epstein associate Ghislaine Maxwell, as well as possible bids on the New York Mets.
Deutsche Bank has agreed to pay a $150 million fine following an investigation into its financial dealings with Jeffrey Epstein, officials announced Tuesday.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DB | DEUTSCHE BANK AG | 9.93 | -0.02 | -0.20% |
New York State’s Department of Financial Services announced the multimillion-dollar penalty after a monthslong investigation into its dealings with the convicted sex offender, which continued despite that the bank had reportedly been made aware of how the funds were being used. The investigation was first revealed in a New York Times report in June.
HERE’S EVERYTHING JEFFREY EPSTEIN OWNED WITH HIS $577M FORTUNE
The bank, which previously said it regretted its association with Epstein, said Tuesday it had put nearly $1 billion into “training, controls and operational processes,” and bolstered its anti-financial crime team, which now staffs more than 1,500 people.
“We acknowledge our error of onboarding Epstein in 2013 and the weaknesses in our processes, and have learnt from our mistakes and shortcomings,” a Deutsche Bank spokesperson said in a statement to Fox News. “Immediately following Epstein’s arrest, we contacted law enforcement and offered our full assistance with their investigation. We have been fully transparent and have addressed these matters with our regulator, adjusted our risk tolerance and systematically tackled the issues.”
And in a statement released shortly after Tuesday’s announcement, Gov. Andrew Cuomo said predatory behavior, such as Epstein’s, will not be tolerated, “No matter how rich, how big or how powerful an institution you are.”
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“For years, Mr. Epstein’s criminal, abusive behavior was widely known, yet big institutions continued to excuse that history and lend their credibility or services for financial gain,” Cuomo said in the statement. “While Washington has routinely looked the other way when it comes to punishing financial institutions, New York and the Department of Financial Services will continue to take its role as a strong regulator seriously and will use every possible tool to protect New Yorkers from predatory behavior in all its forms.”
