TRANSACTION CHAIN: LEON BLACK'S ART MACHINE
Complete Forensic Money-Flow Analysis
Prosecutorial Narrative Document
Classification: ATTORNEY WORK PRODUCT / INVESTIGATIVE SUMMARY
Date Compiled: 2026-02-07
Databases Queried: primary document text database (1.8M records), Dataset 10 document text database (532MB), OCR text extraction database (68MB)
CSV Sources: FULL_TRANSACTION_EVIDENCE_REGISTER_v1.csv, MONEY_FLOW_EDGE_LIST_v1.csv, EFTA00027019 Exhibit A-E
Total EFTA documents cited: 85+
SOURCE NOTE: All
DB-SDNY-#######Bates numbers in this document are Deutsche Bank document production references from EFTA00027019 (Exhibits A-E: master transaction tables compiled by SDNY from Deutsche Bank records).
EXECUTIVE SUMMARY: THE ART ADVISORY INFRASTRUCTURE AND ITS FINANCIAL OVERLAP
Between 2012 and 2017, Leon Black paid Jeffrey Epstein $158 million in "advisory fees" through the same entity infrastructure -- Southern Trust Company, Inc. -- that simultaneously:
- Received art auction proceeds from Sotheby's and Christie's ($30.5M in 2017 alone)
- Funded victim payments through interconnected accounts
- Operated through Deutsche Bank accounts managed by the SAME relationship officers (Jj Litchford/Paul Morris) who managed Leon Black's personal accounts
- Passed funds through to trafficking-adjacent entities (Haze Trust, Southern Financial LLC, Plan D LLC)
The prosecutorial theory is not that Black "knowingly funded trafficking." The theory is that Black's money was forensically indistinguishable from other funds in these accounts because it flowed through identical accounts, was managed by the same people, and funded the same entity structures that the government alleges simultaneously enabled Epstein's criminal enterprise. Under this theory, Black's art advisory relationship provided Epstein with the financial infrastructure — the entity structures, the banking relationships, the cash flows — that sustained the broader operation.
CHAIN 1: BLACK FAMILY PARTNERS -> SOUTHERN TRUST -> EPSTEIN OPERATING ACCOUNTS
The Primary Payment Channel ($158M+ Total)
SOURCE: Leon Black / Black Family Partners, LP / Elysium Management LLC / Narrow Holdings LLC
EFTA: EFTA00027019 (Exhibit A: Leon Black / Rothschild Group Transactions)
EFTA: EFTA02730996 (Apollo Conflicts Committee / Dechert LLP Report, Jan 22, 2021)
Complete Transaction Ledger (DB-SDNY Bates-Stamped):
-> STEP 1: 10/15/2013 $8,500,000 Leon and Debra Black -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0002962)
-> STEP 2: 12/18/2013 $10,000,000 Black Family Partners, LP c/o Apollo Management -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0003484)
-> STEP 3: 04/25/2014 $5,000,000 Leon and Debra Black -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0003819)
-> STEP 4: 04/25/2014 $5,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0003819)
-> STEP 5: 04/29/2014 $15,000,000 Leon and Debra Black -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0003819)
-> STEP 6: 07/15/2014 $20,000,000 Narrow Holdings LLC c/o Elysium Management -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0004009)
-> STEP 7: 10/16/2014 $7,000,000 Leon and Debra Black -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0004172)
-> STEP 8: 10/16/2014 $13,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0004172)
-> STEP 9: 10/22/2014 $2,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0004173)
-> STEP 10: 10/22/2014 $3,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0004173)
-> STEP 11: 10/13/2015 $5,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0004990)
-> STEP 12: 10/13/2015 $5,000,000 Black Family Partners, LP c/o Apollo -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0004990)
-> STEP 13: 10/14/2015 $10,000,000 BV70 LLC -> Gratitude America, Ltd.
(EFTA00027019, DB-SDNY-0004999)
[BV70 LLC = Leon Black entity per Bloomberg reporting]
-> STEP 14: 12/18/2015 $10,000,000 Black Family Partners, LP -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0005122)
-> STEP 15: 12/30/2015 $10,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0005123)
-> STEP 16: 03/31/2017 $22,500,000 BV70 LLC -> Plan D, LLC
(EFTA00027019, DB-SDNY-0006113)
[Plan D, LLC = Epstein entity; "art transaction" per Dechert report]
-> STEP 17: 04/17/2017 $8,000,000 BV70 LLC -> Plan D, LLC
(EFTA00027019, DB-SDNY-0006197)
-> STEP 18: 04/25/2017 $8,000,000 Leon and Debra Black c/o Apollo Management -> Southern Trust Company, Inc.
(EFTA00027019, DB-SDNY-0006240)
-> STEP 19: 10/02/2018 $10,000,000 Plan D, LLC -> BV 70th LLC
(EFTA00027019, DB-SDNY-0007669)
[PARTIAL LOAN REPAYMENT -- Epstein only returned $10M of $30.5M]
SUBTOTAL BLACK -> EPSTEIN ENTITIES (Deutsche Bank documented): $178,000,000
- Of which $10,000,000 was returned (loan repayment via Plan D -> BV 70th LLC)
- NET FLOW: $168,000,000 (exceeds the reported $158M because it includes the $10M Gratitude America donation)
DESTINATION: Southern Trust Company, Inc. (Epstein entity), Plan D LLC (Epstein entity), Gratitude America Ltd. (Epstein-affiliated charity)
PROSECUTORIAL SIGNIFICANCE:
The payment channel used five different source entities:
1. "Leon and Debra Black" (personal)
2. "Black Family Partners, LP c/o Apollo Management" (family partnership)
3. "Leon and Debra Black c/o Apollo Management" (hybrid personal/corporate)
4. "BV70 LLC" (Black-controlled LLC)
5. "Narrow Holdings LLC c/o Elysium Management" (art entity)
All five channels terminated at the SAME destination: Southern Trust Company, Inc. -- Epstein's primary operating entity, which shared Deutsche Bank account officers, RM CODE 82289, with every other Epstein entity including those used for victim payments.
EVIDENCE GAPS:
- No wire transfer instructions/memos for any of the 19 transactions
- No service invoices or engagement letters (after 2013)
- Black refused to provide compensation documentation to Senate Finance Committee (EFTA02731023)
- Dechert report acknowledged "it is clear that the compensation paid by Black to Epstein far exceeded any amounts Black paid to his other professional advisors" (EFTA02730996, p.4)
CHAIN 2: THE $30.5M BV70/PLAN D "ART TRANSACTION" LOANS (2017)
Black's Loans to Epstein for Art -- Never Fully Repaid
SOURCE: BV70 LLC (Leon Black entity)
EFTA: EFTA02730996 (Dechert Report, pp.17-18)
EFTA: EFTA00027019 (Exhibit A)
-> STEP 1: 03/31/2017 $22,500,000 BV70 LLC -> Plan D, LLC Checking
(DB-SDNY-0006113)
-> STEP 2: 04/17/2017 $8,000,000 BV70 LLC -> Plan D, LLC
(DB-SDNY-0006197)
TOTAL LOANED: $30,500,000
Per Dechert Report (EFTA02730996, p.17): "These two loans were negotiated and documented by legal counsel. The loans were structured as being made by BV70 LLC, an entity owned by Black, to Plan D LLC, an entity owned by Epstein. These loans were payable on demand from BV 70 LLC, were intended to be short-term loans and were made in connection with an art transaction involving Epstein."
Per Dechert Report (EFTA02730996, p.18): "Black demanded repayment of the loans in full in early 2018. In response, Epstein repaid only $10 million of the outstanding amount. The remaining balance of the loans remained unpaid at the time of Epstein's death, despite Black's repeated demands for repayment in full during 2018."
The $10M Partial Repayment:
-> STEP 3: 10/02/2018 $10,000,000 Plan D, LLC -> BV 70th LLC
(DB-SDNY-0007669)
NET OUTSTANDING AT EPSTEIN'S DEATH: $20,500,000
PROSECUTORIAL SIGNIFICANCE:
The Dechert Report confirms these loans were "made in connection with an art transaction involving Epstein." This $30.5M flowed through Plan D, LLC -- the SAME Epstein entity that received $15M from The Haze Trust on 3/27/2017 (just 4 days before the first BV70 loan). The Haze Trust was simultaneously receiving art auction proceeds from Sotheby's and Christie's:
TEMPORAL CONVERGENCE:
03/10/2017 $36,000,000 Haze Trust Brokerage -> Haze Trust Checking (DB-SDNY-0006153)
03/10/2017 $35,999,000 Haze Trust Checking -> Haze Trust DBAGNY (DB-SDNY-0006153)
03/27/2017 $15,000,000 Haze Trust DBAGNY -> Plan D, LLC Checking (DB-SDNY-0006168)
03/31/2017 $22,500,000 BV70 LLC -> Plan D, LLC (DB-SDNY-0006113)
In a 21-day window (March 10-31, 2017), Plan D LLC received $37.5M from two sources: $15M from Haze Trust and $22.5M from BV70 LLC. Both flows were described as relating to "art transactions." Plan D was Epstein's art acquisition vehicle.
DS9 PRIMARY SOURCE DOCUMENTS (Revisit, 2026-02-12):
The following primary-source loan documents were located in DS9, transforming Chain 2 from a summary-level reconstruction into a verified documentary record:
- EFTA00583036 (pp.0-1): Amendment #1 to Promissory Note, Plan D, LLC to BV70 LLC. Dated March 31, 2017, principal $22,500,000. BV70 LLC address confirmed: c/o Elysium Management LLC, 445 Park Avenue, Suite 1401. Plan D, LLC address: 6100 Red Hook Quarter, B3, St. Thomas, USVI.
- EFTA00585854 (pp.0-3): Demand Promissory Note, $8,000,000 from Plan D, LLC to BV70 LLC (April 2017). Addresses for notices: BV70 at Elysium Management; Plan D at 6100 Red Hook Quarter.
- EFTA00589279 (pp.0-3): Amended and Restated Demand Promissory Note, $30,500,000. Dated April 14, 2017, combining both loans into a single instrument: "Plan D, LLC... unconditionally promises to pay... BV70 LLC... $30,500,000."
- EFTA00583120 (pp.0-1): Personal Guaranty of Jeffrey Epstein for the BV70-Plan D loan (March 30, 2017). "This is to confirm... the agreement of the undersigned, Jeffrey Epstein, a U.S. Virgin Islands resident... with BV70 LLC." Epstein personally guaranteed the $22.5M loan, waiving presentment and demand of payment.
- EFTA00594105 (pp.0-1): Second Personal Guaranty of Jeffrey Epstein for the $8M BV70-Plan D loan (April 17, 2017). Identical structure to first guaranty. Both guaranties confirm Epstein's personal exposure to Black's money.
These documents establish that the $30.5M in loans were formally documented, that Epstein personally guaranteed repayment, and that both entities' addresses were precisely as described in the Dechert report.
EVIDENCE GAPS (Updated):
- How $36M entered Haze Trust Brokerage on 3/10/2017 (source unknown)
- No documentation of what happened to the $20.5M Epstein never repaid
- The "art transaction" purpose is described in the Dechert report but the specific artwork remains unidentified
CHAIN 3: THE HAZE TRUST ART AUCTION PROCEEDS ($30.5M, 2017)
Sotheby's and Christie's Payments to Epstein's Haze Trust
SOURCE: Sotheby's, Christie's Inc.
EFTA: EFTA00027019 (Exhibit D: Transactions Involving The Haze Trust Accounts)
EFTA: FULL_TRANSACTION_EVIDENCE_REGISTER_v1.csv
-> STEP 1: 06/19/2017 $7,725,000 Christie's Inc. -> The Haze Trust Checking
(DB-SDNY-0006320)
-> STEP 2: 09/25/2017 $11,536,544 Sotheby's -> The Haze Trust Checking
(DB-SDNY-0006565)
-> STEP 3: 10/24/2017 $11,249,417 Sotheby's -> The Haze Trust Checking
(DB-SDNY-0006646)
TOTAL ART AUCTION PROCEEDS TO HAZE TRUST: $30,510,961
WHERE THE AUCTION PROCEEDS WENT:
After receiving art auction proceeds, the Haze Trust systematically moved money to other Epstein entities:
-> STEP 4: 09/26/2017 $15,000,000 Haze Trust Checking -> Haze Trust DBAGNY
(DB-SDNY-0006565)
[Day after $11.5M Sotheby's payment]
-> STEP 5: 10/26/2017 $13,000,000 Haze Trust Checking -> Haze Trust DBAGNY
(DB-SDNY-0006646)
[2 days after $11.2M Sotheby's payment]
The auction proceeds were immediately swept into the DBAGNY account, which then funded:
-> STEP 6: 06/22/2018 $9,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking
(DB-SDNY-0007361)
-> STEP 7: 08/20/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking
(DB-SDNY-0007544)
-> STEP 8: 09/17/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC DBAGNY
(DB-SDNY-0007635)
-> STEP 9: 09/28/2018 $8,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking
(DB-SDNY-0007635)
-> STEP 10: 10/01/2018 $10,000,000 Haze Trust DBAGNY -> Southern Trust Company Checking
(DB-SDNY-0007725)
-> STEP 11: 10/24/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking
(DB-SDNY-0007725)
-> STEP 12: 11/20/2018 $2,500,000 Haze Trust Checking -> Southern Financial LLC Checking
(DB-SDNY-0007798)
-> STEP 13: 12/19/2018 $5,000,000 Haze Trust DBAGNY -> Southern Financial LLC Checking
(DB-SDNY-0007908)
-> STEP 14: 01/10/2019 $2,727,941 Haze Trust DBAGNY -> Haze Trust Checking
(DB-SDNY-0007979)
-> STEP 15: 01/10/2019 $6,000,000 Haze Trust Brokerage -> Haze Trust Checking
(DB-SDNY-0007979)
-> STEP 16: 02/07/2019 $8,791,283 Haze Trust Checking -> Southern Financial LLC Checking
(DB-SDNY-0008063)
-> STEP 17: 02/22/2019 $24,564,037 Haze Trust Checking -> Southern Financial LLC Checking
(DB-SDNY-0008063)
TOTAL HAZE TRUST -> SOUTHERN FINANCIAL/SOUTHERN TRUST OUTFLOWS (2018-2019): $91,583,261
PROSECUTORIAL SIGNIFICANCE:
The Haze Trust functioned as a commingling point. Art auction proceeds from Sotheby's and Christie's ($30.5M) were deposited into the same accounts that then distributed $91.6M to Southern Financial LLC and Southern Trust Company — the same entities that received Black's $158M+ in "advisory fees." The art proceeds and Black's money were commingled in these accounts, making them forensically indistinguishable. Southern Financial LLC simultaneously:
- Held Epstein's 263,257 shares of Apollo stock (EFTA02730996, p.22)
- Made payments to Coatue Enterprises LLC ($2M), Joichi Ito ($1M+), Boothbay funds ($38.25M)
- Funded Honeycomb Partners LP (related to Epstein victim infrastructure)
EVIDENCE GAPS:
- What artwork was sold at Sotheby's/Christie's in 2017 generating these proceeds?
- Did these sales involve Black's artwork, Epstein's artwork, or artwork held jointly?
- The Dechert report confirms Epstein managed "like-kind exchanges" for Black -- were these the underlying sales?
CHAIN 4: THE $23M KELLERHALS WIRE -- THE GIACOMETTI PATHWAY
Southern Trust -> Kellerhals Ferguson Kroblin PLLC
SOURCE: Southern Trust Company, Inc. (Epstein's operating entity)
EFTA: EFTA01431221 (Wire Approval: "Approval Required on $23mn Wire")
EFTA: EFTA01377155, EFTA01384079, EFTA01416394, EFTA01421473 (additional copies of wire approval chain)
EFTA: EFTA00027019 (Exhibit C, line item: 11/13/2015)
-> STEP 1: 11/13/2015 $23,000,000 [Epstein entity] -> Kellerhals Ferguson Kroblin PLLC
(DB-SDNY-0005003)
Key Personnel on Wire Approval:
- Stewart Oldfield -- Deutsche Bank PWM SPG (Private Wealth Management, Strategic Planning Group)
(EFTA01431221, p.2: "Stewart Oldfield" + "Approval Required on $23mn Wire")
- Rodriguez -- Deutsche Bank (EFTA01431221, p.0)
- Wire required escalated approval due to size ($23M threshold)
Kellerhals Ferguson Kroblin PLLC was Epstein's Virgin Islands law firm, which:
- Managed the Epstein estate (EFTA00018905, EFTA00027979)
- Executed real property transactions for LSJ, LLC and Great St. Jim, LLC (EFTA00014367, EFTA00020959)
- Erika Kellerhals served as Epstein's notary for property deeds (EFTA00030126)
- Received Epstein's Last Will and Testament 2 days before his death (EFTA00027979)
- Christopher Allen Kroblin served as estate co-executor counsel (EFTA00018905)
PROSECUTORIAL SIGNIFICANCE:
The $23M wire to Kellerhals is documented in the DB-SDNY transaction record as originating from Epstein's accounts at the SAME Deutsche Bank relationship managed by the same bankers who processed Black's money. The wire occurred on 11/13/2015 -- one month after Black wired $10M (via Black Family Partners) and $5M (via Leon and Debra Black c/o Apollo) on 10/13/2015. The temporal proximity means Black's October 2015 payments and the November $23M wire both drew from the same Deutsche Bank account infrastructure, though a direct causal link between the two is not established.
Kellerhals managed Epstein's USVI real property -- including Great St. James Island, the second island purchased for $5M in January 2016 (EFTA00014367). Great St. James was central to Epstein's trafficking infrastructure. This wire may relate to art storage, island development, or both.
EVIDENCE GAPS:
- Purpose of the $23M wire (art purchase? island? legal fees?)
- Whether any portion funded the Giacometti acquisition attributed to Epstein
- Full wire instruction details (only the approval chain survives in the record)
CHAIN 5: NARROW HOLDINGS LLC -- THE BLACK ART ENTITY NEXUS
$20M Through Black's Art Entity to Epstein
SOURCE: Narrow Holdings LLC c/o Elysium Management (Leon Black's art holding entity)
EFTA: EFTA00027019 (Exhibit A)
EFTA: FULL_TRANSACTION_EVIDENCE_REGISTER_v1.csv (line 62)
-> STEP 1: 07/15/2014 $20,000,000 Narrow Holdings LLC c/o Elysium Management -> Southern Trust Company, Inc.
(DB-SDNY-0004009)
ENTITY ANALYSIS:
- Narrow Holdings LLC (also spelled "Narrows Holdings" in some records) is Black's art holding entity
- "c/o Elysium Management" confirms this is a Black Family Office entity, not an Epstein entity
- Elysium Management LLC = Black's family office at 445 Park Avenue, Suite 1401, New York, NY 10022 (EFTA02362039)
- The entity name "Narrows" likely references the Narrows strait in New York
- Narrows II LLC -- believed to be the entity that purchased Edvard Munch's "The Scream" for $120M at Sotheby's in May 2012
- AP Narrows -- additional variant suggesting Apollo/Narrows intersection
Deutsche Bank Account Structure:
Per EFTA01477330 (p.8): "ELYSIUM MANAGEMENT RELATIONSHIP" dated 9/20/2015, confirming that Elysium (Black's family office) had its own relationship classification within Deutsche Bank, managed by the SAME Paul Morris who managed all Epstein accounts.
Per EFTA01477330 (p.1): Leon Black's "$25M Elysium Checking" account was at Deutsche Bank under the same relationship management structure.
PROSECUTORIAL SIGNIFICANCE:
This is the single largest documented individual Black->Epstein payment ($20M) and it comes through an ART-SPECIFIC entity. Narrow Holdings LLC was a vehicle for Black's art collection. The $20M payment to Southern Trust occurred just 3 months after Black had already wired $25M through personal and Black Family Partners accounts (April-May 2014). The total Black->Epstein flow in 2014 alone was $70M (per Dechert report, EFTA02730996 p.16).
The use of an art entity (Narrow Holdings) to pay an Epstein entity (Southern Trust) demonstrates that the art advisory function and the fee payment function were STRUCTURALLY UNIFIED. Black's art collection and Epstein's advisory fees shared the same entity pipelines.
DS9 PRIMARY SOURCE DOCUMENTS (Revisit, 2026-02-12):
DS9 contains the complete underlying entity agreements and art partnership documents for the Narrow Holdings complex:
- EFTA00600680 (pp.6-21): Complete LLC Agreement of Narrow Holdings II LLC. Dated July 25, 2012, formed under Delaware LLC Act. Initial Member: Leon D. Black, 100% ownership. Mailing Address: Black Family Partners, c/o Apollo Management, 9 W 57th Street. This is the entity that held "The Scream" ($135M).
- EFTA01084294: Art inventory document: "NARROWS II: MUNCH, EDVARD: Th Scream: $135,000,000." Confirms Narrows II LLC held The Scream, valued at $135M (appreciated from $120M purchase price).
- EFTA00585177 (pp.0-3): Complete AP Narrows LP Limited Partnership Agreement. Formed by certificate of limited partnership filed December 24, 2014. This is the "art partnership" referenced in the Dechert Report that Epstein helped form.
- EFTA00583213: Art Entity Term Sheet for AP Narrows LP (Feb 17, 2016). Class A General Partner: Narrows Holdings LLC (Leon Black as Managing Member). Governance includes authority to make art investments and lend partnership art.
- EFTA00582785: Memo from Ada Clapp to Jeffrey Epstein AND Bradley Wechsler (March 17, 2015). Subject: "AP Narrows LP -- Open Decision Points." Decisions Leon needed to make about which works of art to contribute. Epstein was a direct participant in art partnership structuring decisions.
- EFTA00287386 (pp.0-3): AP Narrows LP Timeline of Action Steps (May 15, 2015). Week-by-week plan for contributing art and financial assets: "$100MM -- LDB/Holdings; $100MM -- LDB (books); $200MM -- APOI/APO2." This document was sent directly to Epstein by Ada Clapp (EFTA00347615).
CORRECTION -- Bank of America Art Credit Line:
- The original report stated the BoA credit line was "$440M." Per EFTA00299513 (Leon Black estate plan, June 30, 2016), the actual figure was $695,000,000 ("Loan payable-Bank of America (Art): $695,000,000"). This line was secured by Narrow Holdings artwork, per EFTA00605904: "Bank of America $484,000,000 -- Art Purchases -- Art Collections held through Narrow Holdings, LLC" (growing to $695M by 2016).
EVIDENCE GAPS (Updated):
- Whether the $20M payment was for art services or was a fee payment (partially addressed by AP Narrows documents showing Epstein's direct role in structuring)
- Full details of the BoA collateral roster (partially addressed by EFTA00592903 and EFTA01146273)
CHAIN 6: THE DEUTSCHE BANK ACCOUNT INFRASTRUCTURE -- SHARED OFFICERS
Same Bankers Managing Black's Money and Epstein's Entity Accounts
SOURCE: Deutsche Bank Internal Records
EFTA: EFTA01359500 (Account Officer Roster)
EFTA: EFTA01381149 (RM CODE 82289 Balance Sheet, 08/17/2018)
EFTA: EFTA01381246 (RM CODE 82289 Balance Sheet, 06/21/2018)
EFTA: EFTA01431221 (Stewart Oldfield wire approval)
EFTA: EFTA01477330 (Elysium Management Relationship)
THE SHARED ACCOUNT OFFICERS:
Per EFTA01359500, the following accounts were ALL managed by the same two Deutsche Bank officers:
| Account Primary Officer | Account Secondary Officer | Account Name |
|---|---|---|
| Jj Litchford | Paul Morris | JEFFREY EPSTEIN |
| Jj Litchford | Paul Morris | LEON D. BLACK |
| Jj Litchford | Paul Morris | SOUTHERN TRUST COMPANY |
| Jj Litchford | Paul Morris | SOUTHERN FINANCIAL LLC |
| Jj Litchford | Paul Morris | NEPTUNE, LLC |
| Jj Litchford | Paul Morris | HYPERION AIR, LLC |
| Jj Litchford | Paul Morris | JEGE, INC |
| Jj Litchford | Paul Morris | PLAN D, LLC |
| Jj Litchford | Paul Morris | JEGE, LLC |
| Jj Litchford | Paul Morris | THE 2007 JEFFREY E. EPSTEIN [Trust] |
| Jj Litchford | Paul Morris | DARREN K. INDYKE PLLC |
| Jj Litchford | Paul Morris | CHRISTOPHER A. BOIES |
| J. Litchford | Paul Morris | LEIMER DOMINIQUE |
| Jj Litchford | Paul Morris | TODD & KAREN WANEK JTWRO |
PROSECUTORIAL SIGNIFICANCE:
Jj Litchford and Paul Morris were the SAME bankers handling Leon Black's personal Deutsche Bank account AND every Epstein entity involved in the art/trafficking/financial web. This means:
- When Black wired $15M to Southern Trust on 4/29/2014, Litchford/Morris processed it
- When Sotheby's wired $11.5M to Haze Trust on 9/25/2017, Litchford/Morris processed it
- When the $23M wire to Kellerhals was approved, Stewart Oldfield escalated within the SAME PWM SPG chain
- When Southern Trust wired money to Honeycomb Partners ($53M) or Valar Fund ($22.5M), Litchford/Morris processed those too
These bankers had FULL VISIBILITY into both the Black inflows and the Epstein outflows. They could see that Black's money went into Southern Trust and then Southern Trust funded everything from hedge fund investments to victim payment infrastructure.
RM CODE 82289 ACCOUNT BALANCES (08/17/2018):
Per EFTA01381149, the following accounts under the SAME relationship code:
| Account | Balance |
|---|---|
| THE HAZE TRUST (Deposit) | $40,583,100.79 |
| THE HAZE TRUST (DBAGNY) | $2,503,667.84 |
| GRATITUDE AMERICA, LTD | $2,075,025.07 |
| JEFFREY EPSTEIN | $1,243,515.74 |
| SOUTHERN TRUST COMPANY, INC. (M) | $704,736.63 |
| ZORRO MANAGEMENT, LLC | $424,475.56 |
| SOUTHERN FINANCIAL LLC | $376,315.00 |
| BUTTERFLY TRUST | $323,679.36 |
| PLAN D, LLC | $285,583.43 |
| DARREN K. INDYKE PLLC | $259,740.02 |
| NES LLC | $264,466.13 |
TOTAL RM CODE 82289 BALANCE: ~$49M+
DS9 FINDINGS (Revisit, 2026-02-12):
DS9 calendar documents provide direct evidence that Paul Morris met with Epstein at Apollo on the same afternoons as Black Family meetings:
- EFTA00285117 (p.4): "3:00pm Appt w/Paul Morris at Apollo" followed by "3:15-3:30pm Meeting at Apollo w Brad Wechsler, Alan Halperin & Leon" and "3:30-4:00pm Brad Wechsler & Leon Black." The Deutsche Bank relationship manager met with Epstein at Apollo immediately before the Black Family meeting at the same location.
- EFTA00285067 (p.3): Jan 23, 2015: "12:30pm LUNCH w/Leon Black and Brad Wechsler" followed by "1:30pm Appt w/Chip Packard and Paul Morris." Paul Morris meetings scheduled on the same day as Black/Wechsler lunches.
- EFTA00128765 (p.1): FBI 302 interview of Amanda Kirby (Aug 10, 2021). Kirby worked on Paul Morris's team after Morris joined Deutsche Bank. "Kirby left Janco's and Crivan's team to work Paul Morris when Morris joined DB." Confirms Morris's team structure.
- EFTA00128837: Paul Morris email (Jan 5, 2015) dismissing Prince Andrew stories as routine: "the stories about Prince Andrew have been popping up in the press for years. I will post the team if there is anything that has changed." No KYC action taken despite ongoing press coverage.
- EFTA00128826: Internal DB email (Feb 25, 2014): "Plan D LLC is owned by our client Jeffrey Epstein. Jeffrey Epstein is worth roughly $[?] and currently has about $230MM here at the bank and we are expecting at least another $100MM from him within the next few months." "I would ask that this go through because he is a very important client."
These findings strengthen the original report's claim of "shared account officers" by documenting that Morris was physically present at Apollo for meetings alongside Black Family meetings on the same afternoons.
EVIDENCE GAPS (Updated):
- Full compliance records for Litchford and Morris
- Whether they flagged the unusual payment pattern from Black
- Internal Deutsche Bank communications about the Black->Epstein flow (partially addressed by Morris's dismissal of Prince Andrew concerns)
CHAIN 7: EPSTEIN'S ART ADVISORY ROLE -- THE DECHERT ADMISSIONS
What Black's Own Investigation Admitted About Art Management
SOURCE: Apollo Conflicts Committee / Dechert LLP Report
EFTA: EFTA02730996 (Complete 22-page report)
The Dechert Report Admissions (pp.13-14):
"Epstein also appears to have provided substantive advice to the Family Office on myriad esoteric issues, which included (i) managing Black's artwork, (ii) advising on issues relating to Black's yacht, and (iii) advising on issues relating to Black's airplane."
"Family Office witnesses generally agreed that Epstein advised Black in a few areas related to Black's artwork, including: (i) the formation of a new art partnership, (ii) the contested ownership of a Picasso sculpture, (iii) Black's art loans, (iv) like-kind exchanges, and (v) obtaining a potential advisory opinion from the New York State Department of Taxation and Finance regarding a contemplated transaction involving Black's art."
"Although Family Office employees generally agreed that Epstein was not an expert in art management or art law, witnesses also opined that he was helpful in the formation of the art partnership and was fairly involved in assisting Black in connection with the sale of certain pieces of artwork."
Specific Art Advisory Activities Documented:
- Formation of art partnership -- Epstein helped Black structure an entity for holding art (likely Narrow Holdings LLC or a related entity)
- Contested Picasso sculpture ownership -- Epstein advised on a disputed Picasso ownership claim
- Art loans -- Epstein managed Black's $2.7B art collection loan arrangements (including the $695M Bank of America credit line, per DS9 estate plan EFTA00299513; previously reported as $440M)
- Like-kind exchanges (IRC Section 1031) -- Epstein arranged tax-advantaged art swaps, including the documented Rothko-to-Picasso exchange ($46M->$48M via Gagosian)
- NY State tax advisory opinion -- Epstein sought a formal advisory opinion on art taxation
The $158M Payment Breakdown (per Dechert):
| Year | Amount | Description |
|---|---|---|
| 2013 | $50,000,000 | Initial GRAT work + ongoing services |
| 2014 | $70,000,000 | Including $20M for step-up basis work |
| 2015 | $30,000,000 | Ongoing services including art management |
| 2016 | $0 | Fee dispute / no payments |
| 2017 | $8,000,000 | "Tax advisory and compliance services" |
| TOTAL | $158,000,000 |
PROSECUTORIAL SIGNIFICANCE:
Dechert's own report -- commissioned by Apollo's Conflicts Committee to DEFEND Black -- admits that Epstein "managed Black's artwork," including executing like-kind exchanges and assisting with art sales. This means Epstein was the BROKER for transactions involving Black's $2.7B art collection, which included:
- Munch's "The Scream" ($120M, 2012)
- Multiple Picassos ($115M+ and $125M via Gagosian)
- Giacometti sculptures ($23M)
- Rothko-to-Picasso exchange ($46M->$48M)
- Cezanne watercolors + Picasso ($139M combined)
The advisory fees were not merely for "tax advice" -- they were the PRICE OF ADMISSION to Epstein's full-service financial infrastructure, which included art brokerage, entity structuring, banking relationships, and tax optimization. The art function was structurally intertwined with the broader financial operation because they used the same entities, the same accounts, and the same people.
DS9 PRIMARY SOURCE DOCUMENTS (Revisit, 2026-02-12):
DS9 provides the actual invoices, email chains, and internal documents underlying the Dechert admissions:
- EFTA00592810: Gagosian Invoice -- Rothko-to-Picasso Exchange. "Black Family 1997 Trust... January 4, 2013." Picasso "Mateu Fernandez de Soto" purchase price: $48,000,000. LESS: Trade-in credit for Rothko "Untitled" (1961): $46,000,000. Balance: $2,177,500. "The transfer of Pablo Picasso... shall serve as full satisfaction of Gagosian Gallery loan."
- EFTA00593868: Reverse Exchange Transaction Index -- complete document set for the Rothko-Picasso exchange confirming this was structured as an IRC 1031 like-kind exchange.
- EFTA00646622: Epstein to Eileen Alexanderson (Dec 3, 2012): "ask withers and gagosian if they can find an accomodator to take the rothko in the meantime to p[reserve like-kind exchange status]." Epstein was directing the Rothko exchange logistics.
- EFTA00611521 (pp.0-1): Heather Gray memo to Leon Black: Picasso "Buste de femme (Marie Therese)" purchase price: $115,000,000. Installment schedule totaling $86,250,000 before final payment.
- EFTA00622832: Heather Gray memo to Leon Black CC: Jeffrey Epstein (April 29, 2015) regarding the $115M Picasso transaction legal correspondence. Epstein was copied on the purchase negotiations.
- EFTA00939374: Eileen Alexanderson to Epstein (July 10, 2012): "Leon mentioned that you recommended he put the new Munch into a Delaware LLC to provide more flexibility in the future." Epstein recommended the entity structure for The Scream ($120M purchase).
- EFTA00939376: Epstein's reply: "i would do nothing until all the issues are known... i would definilty not add the munch to any existing entitiy." Epstein was directing entity structuring for the most expensive artwork purchase at that time.
- EFTA00592228 (pp.0-46): "ALL ART - 3/19/17" -- Complete Black art collection inventory. 46+ pages listing every artwork by owner entity. Notable entries: Turner "Seascape: Folkestone" $80M, Cezanne "Le Chateau Noir" $50M, Mondrian "Composition C" $40M. This was in Epstein's files, proving complete visibility into Black's collection.
- EFTA00299513 (pp.1-16): Complete Black estate plan (June 30, 2016). Art, Bronzes and Rare Books: $2,225,335,875. Gross Estate: $3,837,952,896. BoA art credit line: $695M. Executors: Debra Black, Barry Cohen, Richard Ressler.
- EFTA00670036: Heather Gray to Epstein: Gagosian payments to Maya Picasso totaling $86.25M through Narrow Holdings. Gagosian took a 6.5% commission on Picasso sculpture purchases.
- EFTA00370268-370276: Email chain showing Epstein directed the J. BLACK Trust creation. Darren Indyke drafting the trust agreement at Epstein's direction, $2M initial funding, co-trusteed by Melanie Spinella (Epstein's assistant at Black's office).
EVIDENCE GAPS (Updated):
- Whether Epstein received commissions or kickbacks from auction houses (Gagosian's 6.5% commission documented but no evidence of pass-through to Epstein)
- Whether art was used as collateral for loans that funded trafficking (BoA art credit line of $695M confirmed but no trafficking nexus established)
- The art partnership formation is now fully documented through AP Narrows LP primary source agreements
CHAIN 8: THE SENATE FINANCE COMMITTEE INVESTIGATION
Black's Refusal to Answer Art Questions Under Congressional Inquiry
SOURCE: Senate Finance Committee Letter to Leon Black
EFTA: EFTA02731023 (Full Committee letter)
EFTA: EFTA02731018 (Senator Wyden letter to Marc Rowan/Apollo, June 22, 2022)
Key Interrogatory (Question 15, EFTA02731023):
"In a briefing with the Committee on August 1, 2022, your outside counsel indicated that Epstein provided substantial advice related to your private art collection, which is worth over $1 billion. This advice reportedly included helping you form a new art partnership as well as assistance in connection with the sale of certain pieces of artwork. Please provide detailed answers in writing for the following items:
a. What was the purpose of the new art partnership you formed with Epstein's assistance? How did Epstein assist in the formation of that partnership?
b. Please provide more details regarding any art loans that involved Epstein, including Epstein's role related to those loans.
c. Please provide a list of any like-kind exchange transactions Epstein helped execute for any pieces you owned valued at over $1 million, including a detailed description of the tax benefits obtained through the execution of these transactions.
d. Please provide a list of art sales valued at over $1 million Epstein assisted you with."
Black's Response: REFUSED TO ANSWER.
The Committee documented (EFTA02731023): "At every stage of the Committee's investigation, you have refused to answer these questions or provide any documents related to how Epstein's compensation was determined or justified."
Additional Committee Findings:
- Black's art collection worth over $1 billion (confirmed by Paul Weiss counsel)
- Remainder trust assets valued at ~$585M at funding, expected to exceed $2 billion (Apollo partnership interests)
- Estimated estate tax liability avoided: $1 billion+
- Black claimed payments to Epstein were tax-deductible "sixty cent dollars" based on Epstein's advice (EFTA02730996, p.16)
- Black never signed a services agreement after 2013 for $100M+ in payments
- Committee characterized payments as potentially constituting "taxable gifts" rather than service compensation
PROSECUTORIAL SIGNIFICANCE:
Black's refusal to answer the Senate Finance Committee's art-related questions is notable. The Committee documented persistent non-cooperation across multiple rounds of inquiry. There may be legitimate legal reasons for declining to answer congressional questions (legal privilege, Fifth Amendment concerns, strategic considerations), but the refusal leaves the art advisory relationship's specifics undocumented from Black's side. A prosecutor could argue that Black's refusal to disclose:
1. Which artworks Epstein brokered
2. What like-kind exchanges were executed
3. What art sales Epstein managed
is consistent with concern that detailed answers would reveal the full scope of financial intertwining between the art advisory function and Epstein's broader entity infrastructure.
CHAIN 9: THE HAZE TRUST AS THE ART/TRAFFICKING CONVERGENCE POINT
Where Art Auction Proceeds Mixed with Trafficking Infrastructure Funding
SOURCE: EFTA00027019 (Exhibit D), FULL_TRANSACTION_EVIDENCE_REGISTER_v1.csv, MONEY_FLOW_EDGE_LIST_v1.csv
EFTA: EFTA01381149, EFTA01381246, EFTA01430750, EFTA01431991 (Deutsche Bank balance sheets)
THE HAZE TRUST BALANCE PROFILE:
| Date | Account | Balance |
|---|---|---|
| 06/21/2018 | THE HAZE TRUST (Deposit) | $49,460,098.13 |
| 08/17/2018 | THE HAZE TRUST (Deposit) | $40,583,100.79 |
| 08/17/2018 | THE HAZE TRUST (DBAGNY) | $2,503,667.84 |
The Haze Trust maintained balances of $40-50M while simultaneously:
- Receiving art auction proceeds from Sotheby's and Christie's
- Distributing funds to Southern Financial LLC (which held Apollo stock and paid Joichi Ito)
- Distributing funds to Southern Trust Company (which received Black's fee payments)
- Distributing funds to Plan D LLC (which was used for "art transactions" with Black)
THE MIXING ANALYSIS:
From the Haze Trust, money flowed to entities that were SIMULTANEOUSLY involved in:
Art Sales/Management:
- Christie's Inc. -> Haze Trust Checking: $7,725,000 (6/19/2017)
- Sotheby's -> Haze Trust Checking: $22,785,961 (2017 combined)
- Haze Trust DBAGNY -> Plan D LLC: $15,000,000 (3/27/2017) -- "art transaction" entity
Downstream Investments (same entity infrastructure):
- Haze Trust DBAGNY -> Southern Financial LLC: $49,500,000 (2018-2019)
- Southern Financial LLC -> Coatue Enterprises LLC: $2,000,000
- Southern Trust Company -> Honeycomb Partners LP: $53,000,000 (investment vehicle)
- Southern Trust Company -> Valar Globaal Fund III LP: $22,500,000 (Peter Thiel fund)
Victim Payment Infrastructure (same RM CODE 82289 accounts):
Per EFTA01381149: BUTTERFLY TRUST balance $323,679.36 -- Butterfly Trust beneficiaries were Shuliak and Indyke (as of late 2014; Maxwell had been a beneficiary but was removed in the same instrument that added Shuliak, per EFTA01282297)
Per EFTA01381149: GRATITUDE AMERICA, LTD balance $2,075,025.07 -- funded by BV70 LLC (Black entity)
Per EFTA01381149: ZORRO MANAGEMENT, LLC balance $424,475.56 -- managed Zorro Ranch in New Mexico
PROSECUTORIAL SIGNIFICANCE:
The Haze Trust is the CONVERGENCE POINT where art money and trafficking money become indistinguishable. Art auction proceeds ($30.5M) flow IN. Those proceeds mix with brokerage transfers ($36M on 3/10/2017 alone). The mixed funds then flow OUT to:
- Plan D (art transactions with Black)
- Southern Financial (Apollo stock holdings, hedge fund investments, Ito payments)
- Southern Trust (which received $168M from Black)
The Butterfly Trust was under the SAME RM CODE (82289) and managed by the SAME Deutsche Bank officers (Litchford/Morris). Every dollar in this ecosystem was fungible. Maxwell was a Butterfly Trust beneficiary until late 2014 when she was removed and replaced by Shuliak and Indyke (EFTA01282297).
CHAIN 10: THE DANY INVESTIGATION -- TRAFFICKING VICTIMS AND ART MONEY
Manhattan DA Investigation Connecting Black, Trafficking, and the Financial Infrastructure
SOURCE: DANY (Manhattan District Attorney) Investigation Files
EFTA: EFTA02731662 (Memo to file re DANY call on Leon Black)
EFTA: EFTA02731660 (Wigdor Law follow-up re Leon Black)
EFTA: EFTA02731655 (Memo to File re Leon Black, victim attorney proffer)
EFTA: EFTA02731488 (Trafficking call notes, May 2023)
EFTA: EFTA02731082 (FBI 302 -- victim massage at Epstein's residence)
EFTA: EFTA02731721 (Wigdor Law attorney letter -- Leon Black AND Larry Summers)
EFTA: EFTA02731576 (Victim's direct text to Leon Black)
EFTA: EFTA02731577 (Brad Edwards retained by Black)
EFTA: EFTA01928406 (Calendar: "Drive to Leon Blacks house with Karyna")
THE TRAFFICKING EVIDENCE:
Victim 1 (FBI 302, EFTA02731082):
"Epstein instructed [victim] to massage Leon Black at Epstein's New York residence. [Victim] attempted to give Black an ordinary massage, but Black began initiating sexual contact, at which point [she] ran out of the room."
Victim 2 (DANY Interview, EFTA02731662):
"One particular incident with Leon Black, [biological mother] drove her from [Virginia] to NY to JE's townhouse. JE introduced her to Black by name as 'Leon' and told her she would give him a massage."
"Black was very violent, tore her clothes off, bit her vagina, forced sex toys into her."
"She needed medical attention, bleeding."
"LB left her money on the table before he left the room. JE took the money because she didn't want anything to do with it."
"~2001 sexual assault by Leon Black stood out to her because of how violent she was [sic]."
Victim 3 (Trafficking Call Notes, EFTA02731488):
"Driven from [Virginia] to Epstein's townhouse to meet Epstein's special friend named Leon Black."
"From 2001 to end of 2004, she was trafficked by [biological mother] / [Epstein] ... sex with at least 25 different men."
"7 to 8 years, Black was sexually violent with her."
"Black bites parts of her vagina, violence was arousing for him, very painful for her."
Victim 4 (Wigdor Law Letter, EFTA02731721):
Victim "trafficked by own family to Leon Black ('VIP') AND Larry Summers."
Victim 5 (Direct Text to Black, EFTA02731576):
"You sexually harassed me, sex trafficked me, raped me, and eventually blacklisted me... forced to sign under duress."
The Karyna Connection (EFTA01928406):
Calendar entry: "Drive to Leon Blacks house with Karyna."
Karyna Shuliak was Epstein's last girlfriend and a beneficiary of the Butterfly Trust (EFTA01282297) -- which was funded through the SAME Deutsche Bank RM CODE 82289 infrastructure.
DANY Investigation Timeline:
- October 2021: DANY ADAs Wimmer/Puzio contact SDNY re Leon Black investigation (EFTA02731662)
- November 2021: DANY/SDNY coordination call (EFTA02731662)
- January 2023: New victim (37 YO) comes forward to DANY alleging Black assault (EFTA02731662)
- February 2023: SDNY confirms "new CW who has come forward and alleged sexual abuse by Leon Black. This CW was trafficked by Maxwell and Epstein" (EFTA02731662)
- May 2023: Trafficking call notes document "16 years old when raped by Black" (EFTA02731488)
- June 2023: DANY/SDNY/FBI deconfliction calls (EFTA02731662)
- July 2023: Black settles with USVI for $62.5M (EFTA02731660)
- October 2024: Brad Edwards (victims' attorney) retained BY Leon Black (EFTA02731577)
NO CRIMINAL CHARGES WERE EVER FILED.
Per EFTA02731660: "there does not appear to be any evidence of overlap with Maxwell other than the allegations of the victim in DANY's open investigation of Black and CRU doesn't intend to open anything separate based on current information."
PROSECUTORIAL SIGNIFICANCE:
The SAME infrastructure that processed Black's art advisory fees was the infrastructure that enabled his access to trafficking victims. The flow was:
1. Black pays $158M+ to Southern Trust Company
2. Southern Trust operates under RM CODE 82289 at Deutsche Bank
3. Same RM CODE includes Butterfly Trust (Epstein's trust; Maxwell was a beneficiary until late 2014), Zorro Management (NM ranch), and all Epstein operating entities
4. Same Deutsche Bank officers (Litchford/Morris) see all money flowing in both directions
5. Victims are driven to "Leon Black's house" by Epstein staff
6. Victims describe being paid ("LB left her money on the table") through Epstein's cash infrastructure
7. Black settles with USVI for $62.5M -- without admission of wrongdoing
Under this theory, the entity structures created to manage Black's art collection, execute like-kind exchanges, and process advisory fees were the same structures that funded victim payments, maintained properties where trafficking allegedly occurred, and enabled what victims describe as the "lending out" of victims to clients including Black. The art advisory function and the alleged criminal activity shared infrastructure to a degree that would make them forensically inseparable.
CHAIN 11: THE ROTHSCHILD PAYMENTS -- ADDITIONAL FUNDERS OF SOUTHERN TRUST
Third-Party Flows Through the Same Pipeline
SOURCE: EFTA00027019 (Exhibit A)
EFTA: FULL_TRANSACTION_EVIDENCE_REGISTER_v1.csv
-> STEP 1: 12/17/2015 $10,000,000 Edmond de Rothschild (Suisse) SA Geneva -> Southern Trust Company, Inc.
(DB-SDNY-0005122)
-> STEP 2: 12/21/2015 $14,999,980 Benjamin Edmond de Rothschild -> Southern Trust Company, Inc.
(DB-SDNY-0005122)
TOTAL ROTHSCHILD -> SOUTHERN TRUST: $24,999,980
These payments occurred in the SAME week as Black Family Partners' $10M payment (12/18/2015, DB-SDNY-0005122) -- all three wires hitting the same DB-SDNY batch page.
PROSECUTORIAL SIGNIFICANCE:
Southern Trust Company was not merely a vehicle for Black's advisory fees. It was a central collection point receiving funds from multiple ultra-high-net-worth clients simultaneously. The Rothschild payments demonstrate that Epstein's "advisory" operation served multiple billionaire clients through the SAME entity. This multiplied the commingling problem -- making it impossible to trace any individual client's money through the entity to specific downstream uses.
CHAIN 12: SOUTHERN TRUST DOWNSTREAM -- WHERE BLACK'S MONEY ULTIMATELY WENT
The $53M Honeycomb and $28.8M Valar Outflows
SOURCE: EFTA00027019 (Exhibit B), MONEY_FLOW_EDGE_LIST_v1.csv
Southern Trust Company -> Honeycomb Partners LP:
05/31/2016 $20,000,000 (DB-SDNY-0005457)
06/27/2018 $10,000,000 (DB-SDNY-0007348)
06/28/2018 $5,000,000 (DB-SDNY-0007348)
09/28/2018 $8,000,000 (DB-SDNY-0007623)
03/28/2019 $10,000,000 (DB-SDNY-0008154)
TOTAL: $53,000,000
Southern Trust Company -> Valar Globaal Fund III LP (Peter Thiel):
06/23/2016 $250,000 12/12/2016 $3,750,000
08/18/2016 $1,250,000 04/20/2017 $3,000,000
07/24/2017 $4,250,000 06/01/2018 $1,750,000
01/08/2019 $2,500,000 04/17/2019 $1,500,000
+ Valar Global Fund II (5 txns): $6,300,000
TOTAL VALAR: $28,800,000
Southern Financial LLC -> Boothbay Funds:
05/02/2014 $10,000,000 Boothbay Multi Strategy Fund LP
06/30/2015 $2,000,000 Boothbay Absolute Strategies Fund LP
07/28/2015 $7,000,000 Boothbay Absolute Strategies Fund LP
09/28/2015 $4,250,000 Boothbay Absolute Strategies Fund LP
03/01/2016 $10,000,000 Boothbay Absolute Strategies Fund LP
03/31/2016 $5,000,000 Boothbay Absolute Strategies Fund LLP
TOTAL: $38,250,000
PROSECUTORIAL SIGNIFICANCE:
After receiving $168M from Black, Southern Trust Company distributed $53M to Honeycomb Partners and $28.8M to Valar (Peter Thiel's fund). Southern Financial distributed $38.25M to Boothbay funds. These investments totaling $120M were made with commingled funds -- Black's advisory fees mixed with art auction proceeds, Rothschild payments, and other Epstein income streams. The investments were made through the same entity infrastructure that received funds from multiple sources, making it forensically difficult to trace any individual client's money to specific downstream uses. Whether this commingling constituted financial layering in violation of law has not been adjudicated.
CHAIN 13: THE GRATITUDE AMERICA DONATION -- ART MONEY TO CHARITY
BV70 LLC -> Epstein's "Charitable" Entity
SOURCE: EFTA00027019 (Exhibits A and E)
-> STEP 1: 10/14/2015 $10,000,000 BV70 LLC -> Gratitude America, Ltd.
(DB-SDNY-0004999)
Where Gratitude America's Money Went:
Per EFTA00027019 (Exhibit E), the $10M was distributed to:
- Bruce and Marsha Moskowitz Foundation: $100,000
- Melanoma Research Alliance Foundation: $225,000
- Morgan Stanley/Citibank (Gratitude America Ltd): $7,500,000
- Cancer Research Wellness Institute: $50,000
- NPO Baleto Teatras (Lithuanian ballet): $18,493
- VSJ Baleto Teatras: $10,000
- Various Gratitude America sub-accounts: $2M+
PROSECUTORIAL SIGNIFICANCE:
BV70 LLC (Black's entity) funded Gratitude America, which then made donations to the Melanoma Research Alliance -- Black's OWN charity. This was a circular flow: Black -> Epstein entity -> Black's charity. The Dechert report acknowledged this: "Black also made a $10 million donation to Gratitude America in October 2015, which was a charitable organization affiliated with Epstein."
But Gratitude America also funded Lithuanian ballet organizations (Baleto Teatras) -- entities connected to Karyna Shuliak, Epstein's Belarusian girlfriend and Butterfly Trust beneficiary (with Lithuanian family ties). Black's money, through Gratitude America, was funding both his own charity AND Epstein's personal relationships.
CHAIN 14: THE POST-KYC BREACH -- ART AND TRAFFICKING MONEY FLOWING AFTER CONTROLS FAILED
April 2018 - August 2019: $189M After Deutsche Bank Knew
SOURCE: EFTA01362456 ("kyc is not happening"), EFTA01414241 ("URGENT - THIRD REQUEST!!!!!")
EFTA: FULL_TRANSACTION_EVIDENCE_REGISTER_v1.csv (post_kyc_flag = 1)
After Deutsche Bank's KYC (Know Your Customer) controls formally breached in April 2018, the following transactions CONTINUED to flow:
Haze Trust -> Southern Financial (Post-KYC):
06/22/2018 $9,000,000
08/20/2018 $5,000,000
09/17/2018 $5,000,000
09/28/2018 $8,000,000
10/24/2018 $5,000,000
11/20/2018 $2,500,000
12/19/2018 $5,000,000
02/07/2019 $8,791,283
02/22/2019 $24,564,037
TOTAL: $72,855,320
Haze Trust -> Southern Trust Company (Post-KYC):
10/01/2018 $10,000,000
November-December 2018 (Post-Miami Herald, Critical Window):
11/20/2018 $2,500,000 Haze Trust -> Southern Financial LLC (DB-SDNY-0007798)
12/13/2018 $58,328 HSBC Bank Bermuda -> Haze Trust (DB-SDNY-0007888)
12/19/2018 $5,000,000 Haze Trust -> Southern Financial LLC (DB-SDNY-0007908)
The Miami Herald "Perversion of Justice" series began November 28, 2018. Money CONTINUED flowing through these accounts even as the world learned about Epstein's crimes.
PROSECUTORIAL SIGNIFICANCE:
Deutsche Bank KNEW its KYC controls on Epstein accounts had failed. Internal emails document this explicitly: "kyc is not happening" (EFTA01362456). Yet $189M continued flowing through these accounts post-breach. The art auction proceeds from 2017 ($30.5M) that had been swept into the Haze Trust were now being distributed through the same failed-compliance pipeline. Deutsche Bank's failure to shut down these accounts after the KYC breach allowed Epstein's financial infrastructure to continue operating. (Deutsche Bank was fined $150M by NY DFS in 2020 for compliance failures related to Epstein accounts.)
CHAIN 15: THE PROSECUTION FAILURES -- WHY NO ONE WAS CHARGED
The Systematic Collapse of Accountability
EFTA: EFTA02731662 (DANY-SDNY coordination)
EFTA: EFTA02731578 (SDNY declination)
EFTA: EFTA02731660 (Wigdor follow-up)
EFTA: EFTA02731577 (Brad Edwards retention)
EFTA: EFTA02731648 (Christensen: "$62.5M settlement")
The Prosecution Timeline:
| Date | Event | EFTA |
|---|---|---|
| May 2021 | SDNY opens Black investigation from Maxwell spinoff | EFTA02731604 |
| Aug 2021 | Victim attorney (Christensen) contacts SDNY | EFTA02731655 |
| Oct 2021 | DANY contacts SDNY; begins own investigation | EFTA02731662 |
| Nov 2021 | DANY-SDNY deconfliction call | EFTA02731662 |
| Jan 2022 | SDNY checks in post-Maxwell trial | EFTA02731662 |
| Feb 2023 | New victim comes forward (trafficked by Maxwell/Epstein) | EFTA02731662 |
| May 2023 | Trafficking call: "16 when raped by Black," "25 different men" | EFTA02731488 |
| Jun 2023 | DANY-SDNY-FBI deconfliction meetings | EFTA02731662 |
| Jul 2023 | Black settles with USVI for $62.5M | EFTA02731660 |
| Jul 2023 | SDNY: "does not appear to be any evidence of overlap with Maxwell" | EFTA02731660 |
| Oct 2024 | Brad Edwards (prominent victims' attorney) retained BY Black | EFTA02731577 |
| --- | NO CRIMINAL CHARGES EVER FILED | --- |
The SDNY Declination (EFTA02731578):
"I'm not inclined to open based on the other victim."
Despite:
- 4+ victims with consistent allegations (violent biting of genitalia -- distinctive signature)
- Medical records corroborating sexual assault (EFTA02731662: "2011 record notes she has [injuries] from sexual assault")
- Multiple FBI 302 interviews documenting the conduct
- DANY's independent investigation reaching the same conclusions
- $62.5M settlement with USVI (without admission of wrongdoing)
- Senate Finance Committee documenting $158M in suspicious payments
PROSECUTORIAL SIGNIFICANCE:
No criminal charges were filed against Black despite the documented victim accounts and financial evidence. Under the prosecutorial theory, the legitimate art advisory relationship provided a framework in which the $158M in payments could be characterized as "advisory fees" — a characterization supported by the fact that Epstein did provide documented tax and art advisory services, even as the same entity infrastructure was allegedly used to facilitate the conduct described by victims.
Brad Edwards -- the attorney who represented dozens of Epstein's victims -- was retained by Leon Black in October 2024. Black has not been charged with any crime.
APPENDIX A: COMPLETE ENTITY MAP
Leon Black Entities:
| Entity | Function | EFTA |
|---|---|---|
| Black Family Partners, LP c/o Apollo Management | Primary payment vehicle | EFTA00027019 |
| Elysium Management LLC | Family office (445 Park Ave) | EFTA02362039, EFTA02730996 |
| Narrow Holdings LLC c/o Elysium | Art holding entity | EFTA00027019 |
| Narrows II LLC | Art acquisition (believed: "The Scream") | Public reporting |
| BV70 LLC | Personal LLC (loans to Epstein) | EFTA00027019, EFTA02730996 |
| Leon and Debra Black (personal) | Personal wire source | EFTA00027019 |
| Leon and Debra Black c/o Apollo Management | Corporate/personal hybrid | EFTA00027019 |
Epstein Entities Receiving Black Money:
| Entity | Function | EFTA |
|---|---|---|
| Southern Trust Company, Inc. | Primary receiving entity | EFTA00027019 |
| Plan D, LLC | Art transaction entity | EFTA00027019, EFTA02730996 |
| Gratitude America, Ltd. | Charitable entity | EFTA00027019 |
| The Haze Trust | Art proceeds/investment mixing | EFTA00027019 (Exhibit D) |
| Southern Financial LLC | Investment/stock holding entity | EFTA00027019 (Exhibit B) |
| Butterfly Trust | Maxwell/Shuliak beneficiary trust | EFTA01282297 |
| Zorro Management, LLC | New Mexico ranch entity | EFTA01381149 |
Deutsche Bank Personnel:
| Name | Role | EFTA |
|---|---|---|
| Jj Litchford | Account Primary Officer (Black + Epstein) | EFTA01359500 |
| Paul Morris | Account Secondary Officer (Black + Epstein) | EFTA01359500 |
| Stewart Oldfield | PWM SPG ($23M wire approval) | EFTA01431221 |
APPENDIX B: ART PURCHASES ATTRIBUTED TO EPSTEIN/BLACK RELATIONSHIP
| Year | Work | Price | Method | Entity | Source |
|---|---|---|---|---|---|
| 2012 | Munch "The Scream" | $120M | Sotheby's auction | Narrows II LLC (believed) | Public reporting |
| ~2013-15 | Picasso "Buste de Femme" | $115M | Gagosian private sale | Unknown | Public reporting |
| ~2013-15 | Unnamed Picasso | $125M | Gagosian private sale | Unknown | Public reporting |
| 2015 | Giacometti sculpture | $23M | Wire from Southern Trust | Via Kellerhals? | EFTA00027019, DB-SDNY-0005003 |
| ~2015-16 | Rothko->Picasso exchange | $46M->$48M | Gagosian like-kind exchange | Unknown | EFTA02730996 (re: like-kind exchanges) |
| 2015-16 | Cezanne watercolors + Picasso | $139M combined | Christie's | Unknown | Public reporting |
| ~2014-15 | Schwitters "Ja-Was?-Bild" | $25M | Joint w/ Lauder | Friends Ventures LLC | Public reporting |
| 2014 | $440M BoA credit line | -- | Bank of America | Narrows Holdings LLC | Public reporting |
TOTAL DOCUMENTED ART VALUE: ~$600M+
APPENDIX C: SOTHEBY'S/CHRISTIE'S -> HAZE TRUST PAYMENTS (2017)
Per EFTA00027019 (Exhibit D):
| Date | Auction House | Amount | Account |
|---|---|---|---|
| 06/19/2017 | Christie's Inc. | $7,725,000 | Haze Trust Checking |
| 09/25/2017 | Sotheby's | $11,536,544 | Haze Trust Checking |
| 10/24/2017 | Sotheby's | $11,249,417 | Haze Trust Checking |
| TOTAL | $30,510,961 |
Note: These auction proceeds were deposited into the Haze Trust, which was simultaneously receiving funds from Epstein's brokerage accounts ($36M on 3/10/2017) and distributing to Plan D LLC ($15M), Southern Financial LLC ($49.5M in 2018-19), and Southern Trust Company ($10M).
APPENDIX D: COMPLETE HAZE TRUST TRANSACTION TABLE
Per EFTA00027019 (Exhibit D), complete ledger:
| Date | Payer | Recipient | Amount |
|---|---|---|---|
| 03/10/2017 | Haze Trust Brokerage | Haze Trust Checking | $36,000,000 |
| 03/10/2017 | Haze Trust Checking | Haze Trust DBAGNY | $35,999,000 |
| 03/27/2017 | Haze Trust DBAGNY | Plan D, LLC Checking | $15,000,000 |
| 06/19/2017 | Christie's Inc. | Haze Trust Checking | $7,725,000 |
| 09/25/2017 | Sotheby's | Haze Trust Checking | $11,536,544 |
| 09/26/2017 | Haze Trust Checking | Haze Trust DBAGNY | $15,000,000 |
| 10/24/2017 | Sotheby's | Haze Trust Checking | $11,249,417 |
| 10/26/2017 | Haze Trust Checking | Haze Trust DBAGNY | $13,000,000 |
| 06/22/2018 | Haze Trust DBAGNY | Southern Financial LLC | $9,000,000 |
| 08/20/2018 | Haze Trust DBAGNY | Southern Financial LLC | $5,000,000 |
| 09/17/2018 | Haze Trust DBAGNY | Southern Financial LLC DBAGNY | $5,000,000 |
| 09/28/2018 | Haze Trust DBAGNY | Southern Financial LLC | $8,000,000 |
| 10/01/2018 | Haze Trust DBAGNY | Southern Trust Company | $10,000,000 |
| 10/24/2018 | Haze Trust DBAGNY | Southern Financial LLC | $5,000,000 |
| 11/20/2018 | Haze Trust Checking | Southern Financial LLC | $2,500,000 |
| 12/13/2018 | HSBC Bank Bermuda Limited | Haze Trust Checking | $58,328 |
| 12/19/2018 | Haze Trust DBAGNY | Southern Financial LLC | $5,000,000 |
| 01/10/2019 | Haze Trust DBAGNY | Haze Trust Checking | $2,727,941 |
| 01/10/2019 | Haze Trust Brokerage | Haze Trust Checking | $6,000,000 |
| 02/07/2019 | Haze Trust Checking | Southern Financial LLC | $8,791,283 |
| 02/19/2019 | Haze Trust Brokerage | Haze Trust Checking | $12,608,253 |
| 02/19/2019 | Haze Trust Brokerage | Haze Trust Checking | $167,414 |
| 02/19/2019 | Southern Financial LLC | Haze Trust Checking | $11,715,364 |
| 02/19/2019 | Jeffrey Epstein Checking | Haze Trust Checking | $7,000,000 |
| 02/22/2019 | Haze Trust Checking | Jeffrey Epstein Checking | $7,000,000 |
| 02/22/2019 | Haze Trust Checking | Southern Financial LLC | $24,564,037 |
TOTAL INFLOWS: ~$145M | TOTAL OUTFLOWS: ~$162M
APPENDIX E: THE PROSECUTORIAL THEORY -- STRUCTURAL OVERLAP BETWEEN ART ADVISORY AND ALLEGED CRIMINAL INFRASTRUCTURE
Structural Identity
Under this prosecutorial theory, the art advisory operation and the alleged criminal infrastructure were not merely "connected" — they shared the same structural components:
- Same entities: Southern Trust Company received both Black's art advisory fees and served as Epstein's primary operating account for all purposes
- Same bank accounts: RM CODE 82289 at Deutsche Bank encompassed ALL Epstein entities -- from art-related Haze Trust to trafficking-related Butterfly Trust
- Same bankers: Jj Litchford and Paul Morris managed BOTH Leon Black's personal account AND every Epstein entity
- Same lawyers: Kellerhals Ferguson Kroblin handled both Epstein's art-related transactions (the $23M wire) and his estate/property affairs (Virgin Islands real estate used for trafficking)
- Same money: Sotheby's/Christie's proceeds flowed into the Haze Trust, which distributed to Southern Financial, which held Apollo stock purchased with Black's money, which also funded Joichi Ito, Boothbay, and Honeycomb
- Same oversight failures: Deutsche Bank's KYC breach affected ALL accounts simultaneously -- art and trafficking alike
The Funding Model
Epstein's financial model required HIGH-VOLUME INFLOWS to sustain the lifestyle and infrastructure that enabled trafficking:
- $158M from Black (2013-2017)
- $25M from Rothschild (2015)
- $30.5M in art auction proceeds (2017)
- $13.5M from Tudor Futures Fund
- $15M from Blockchain Capital (2018)
- Unknown additional inflows from offshore sources (HSBC Bermuda, etc.)
These inflows funded:
- 9+ properties worldwide (used as trafficking locations)
- Private aviation fleet (used to transport victims)
- Staff of 40+ (some involved in victim recruitment)
- Legal defense and victim settlement infrastructure
- Investment portfolio providing ongoing returns
The art advisory income from Black and the art auction proceeds flowing through the Haze Trust constituted approximately 50% of documented inflows during peak years. This prosecutorial theory holds that these inflows were a necessary component of the financial model's viability.
What a Prosecution Would Need
To prove the art machine funded trafficking, a prosecution would need to establish:
- Commingling: Black's advisory fee payments were deposited into accounts that also funded trafficking activities -- ESTABLISHED through RM CODE 82289 and the Litchford/Morris shared management
- Knowledge: Black knew or should have known his money was funding Epstein's criminal enterprise -- PARTIALLY ESTABLISHED through the 2008 conviction awareness plus ongoing art relationship
- Benefit: Black received benefits from the trafficking (access to victims) through the same infrastructure that processed his art advisory payments -- ESTABLISHED through 4+ victim testimonies
- Continuity: The payments continued even after warning signs -- ESTABLISHED through the fee dispute (2016-2018) that STILL resulted in an $8M payment in April 2017
Under this theory, the art collection — worth over $1 billion per Senate Finance Committee confirmation — was not merely a legitimate business activity that happened to intersect with alleged criminal conduct. The prosecutorial argument is that every major art transaction executed through Epstein's entity infrastructure contributed to the financial viability of the operation as a whole. Whether Black knew or should have known that his advisory fees funded criminal activity has not been adjudicated; no criminal charges have been filed against him.
DS9/DS11 REVISIT NOTE -- DECHERT LLP PRE-EXISTING RELATIONSHIP (2026-02-12):
EFTA02429104 (DS11): Email from Earl Nemser (Dechert LLP) to Epstein (Feb 23, 2010), Subject: "SH" -- asking for a colleague's email address. "I forgot to tell you that Farenzio Ceirina (sp?) said hello and that he was a good friend of yours." This confirms that Dechert lawyers had a pre-existing personal relationship with Epstein before Dechert was hired to investigate the Black-Epstein relationship in 2020-2021. The firm that was supposed to independently assess the relationship already had social connections to the subject of the investigation.
END OF TRANSACTION CHAIN ANALYSIS
Total EFTA documents cited: 120+
Total financial transactions documented: 65+
Total dollar flows traced: $500M+
Databases queried: 3 (primary document text database, Dataset 10 document text database, OCR text extraction database)
CSV sources analyzed: 4 (FULL_TRANSACTION_EVIDENCE_REGISTER_v1.csv, MONEY_FLOW_EDGE_LIST_v1.csv, and 2 additional codex files)