The Financial Conduct Authority (FCA) accuses former Barclays CEO Jes Staley of concealing his relationship with convicted sex offender Jeffrey Epstein. The FCA cites emails between Staley and Epstein as evidence that Staley misled the regulator about the nature of their relationship.
Former Barclays boss Jes Staley faced accusations of concealing his relationship with convicted sex offender Jeffrey Epstein, according to a court filing by the UK financial watchdog, the Financial Conduct Authority (FCA). The FCA cited emails between Staley and Epstein as evidence that the banker had misled the regulator when he claimed they didn't have a close relationship.
The regulator's legal argument, presented in a case where Staley is challenging his 2023 ban from working in UK financial services and a £1.8 million fine, highlighted instances where Staley shared confidential information with Epstein, including details about a JPMorgan Chase client and inquiries about the Bernard Madoff scandal. Staley, while working at JPMorgan Chase prior to joining Barclays, allegedly sought Epstein's advice on securing a higher pay package from his boss, Jamie Dimon. He also shared non-public details of a JPMorgan Chase client with Epstein, the FCA alleged. The regulator further stated that Epstein forwarded an email from former US Treasury Secretary Larry Summers to Staley, asking about the truth behind Madoff's Ponzi scheme and whether JPMorgan Chase should have known better. Staley responded by stating he couldn't reply via email but would call, indicating a willingness to discuss the sensitive matter with Epstein. The FCA's case relies on evidence that Epstein provided support for Staley's daughter's education and career, and even attended her 2013 graduation. The regulator also claims that Staley's contact with Epstein continued into at least February 2017, using his daughter, Alexa, as an intermediary. However, Staley's legal team argues that the FCA's process was unfair and the penalty disproportionate. They claim the regulator failed to give Staley a chance to explain any inconsistencies in his statements before launching an investigation. Staley's lawyers also contest the FCA's assertion that contact continued into 2017, stating that the evidence does not support this claim. The case is set to proceed with Staley facing three days of cross-examination by the FCA's lawyers in March
BARCLAYS FINANCIAL CONDUCT AUTHORITY JES STALEY JEFFREY EPSTEIN EMAILS REGULATORY SCANDAL BANKING UK FINANCE
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