FORENSIC ACCOUNTING REPORT #1

THE HAZE TRUST $41.7M DRAWDOWN

Tracing the Decline from $49.5M to ~$7.7M (June 2018 - February 2019)

Prepared by: Forensic Analysis Unit
Date: 2026-02-05
Database: the primary document text database (DOJ Epstein Files)
Classification: Working Document -- Law Enforcement Sensitive

EXECUTIVE SUMMARY

The Haze Trust (Account# N4G024943, RM Code 82289) held approximately $49.5 million at Deutsche Bank in mid-2018 and declined to approximately $7.7 million by late 2018/early 2019 -- a drawdown of roughly $41.7 million over approximately six months. This report traces the outflows using text extracted from OCR layers of DOJ documents, reconstructed bank balance reports, internal Deutsche Bank "Large, Zero and Negative Balances" reports, and AML compliance inquiry records.

The Haze Trust operated as a Category "D" account (investment/deposit account) within Jeffrey Epstein's banking relationship at Deutsche Bank (RM Code 82289). It appears to have held the single largest concentration of assets across the Epstein entity network.

Key Finding: CORRECTION (Revisit -- EFTA00080250, DS9): The Haze Trust had three distinct sub-accounts (not two, as originally identified from OCR fragments):
- Haze Trust Brokerage -- held investment positions; source of $36M internal sweep and $6M/$12.6M later liquidations
- Haze Trust Checking -- operating account; received auction proceeds ($7.7M from Christie's, $22.8M from Sotheby's)
- Haze Trust DBAGNY (Deutsche Bank AG New York branch) -- higher-interest parking account; held the ~$49.5M and was the source of the major drawdown transfers to Southern Financial LLC

The original report's identification of a smaller "operating balance" ($2,503,667.84) and a "large portfolio/investment balance" likely corresponded to the Checking and DBAGNY sub-accounts respectively.

The $41.7M drawdown appears to have been accomplished through a combination of internal transfers to other Epstein entities, outbound wire transfers, and possible securities liquidations -- all occurring during a period when Deutsche Bank's AML Compliance unit was actively investigating the account under Alert# SAM 1788880.

I. ACCOUNT IDENTIFICATION

II. CHRONOLOGICAL BALANCE RECONSTRUCTION

The following balance snapshots were extracted from the text layers of Deutsche Bank internal reports. Dates are from RM Code 82289 balance reports.

A. Haze Trust -- Large Portfolio Balance (Primary Decline)

B. Haze Trust -- Operating Account Balance

The smaller operating balance appeared consistently at $2,503,667.84 across multiple reports:

The consistency of $2,503,667.84 across months suggests this was either a fixed deposit or a separate sub-account within the Haze Trust structure.

III. WATERFALL ANALYSIS: $49.5M to $7.7M

THE HAZE TRUST -- BALANCE WATERFALL (June 2018 - February 2019)
================================================================

$49,460,098.13  [06/21/2018] -- Peak confirmed balance
    |
    | DROP #1: -$9,000,000.00 (EXACT -- confirmed by EFTA00080250 Exhibit D)
    | Period: June 22, 2018
    | Evidence: Haze Trust DBAGNY → Southern Financial LLC, $9,000,000 (DB-SDNY-0007361)
    v
$40,460,098.13  [~Late June 2018]
    |
    | Small fluctuation: +$61,498 to +$123,003
    v
$40,583,100.79  [08/17/2018]
    |
    | DROP #2: -$5,000,000.00 (EXACT -- confirmed by EFTA00080250 Exhibit D)
    | Period: August 20, 2018
    | Evidence: Haze Trust DBAGNY → Southern Financial LLC, $5,000,000 (DB-SDNY-0007544)
    v
$35,583,100.79  [08/28/2018]
    |
    | DROP #3: -$22,892,821.43
    | Period: Late Aug - Early Oct 2018
    | THE LARGEST SINGLE-PERIOD DECLINE
    v
$12,690,279.36  [10/03/2018]
    |
    | DROP #4: -$4,971,168.92 (approx.)
    | Period: Oct - Nov 2018
    v
~$7,719,110.44   [Late 2018]
    |
    | Small recovery/fluctuation
    v
$8,789,938.49   [01/14/2019]

================================================================
TOTAL DECLINE: $49,460,098.13 - $7,719,110.44 = $41,740,987.69
================================================================

IV. IDENTIFIED OUTFLOWS AND DESTINATIONS

A. Confirmed Transfers to Other Epstein Entities

The following entities received funds during the drawdown period, as documented in RM Code 82289 balance reports:

1. SOUTHERN TRUST COMPANY, INC. (Category M -- Money/Market)

Southern Trust consistently received large inflows, coded as "M" (money-in/market value):

CRITICAL: Southern Trust Company, Inc. was the primary destination for Haze Trust outflows. The $17.1M transfer around 06/25/2018 and the $9.9M transfer (EFTA01427976) represent the largest identifiable single movements. Southern Trust received tens of millions during the drawdown period.

2. SOUTHERN FINANCIAL LLC (Category D)

Estimated total outflow to Southern Financial LLC during drawdown: >$10M

3. BUTTERFLY TRUST (Category M)

Estimated total outflow to Butterfly Trust: ~$3.2M

4. ZORRO MANAGEMENT, LLC (Category D)

Estimated total outflow to Zorro Management: ~$3.5M

5. GRATITUDE AMERICA, LTD (Category N/M)

Estimated total: ~$7.8M (note: some figures may be account balances rather than transfer amounts)

6. LSJE, LLC (Category D)

Estimated total outflow to LSJE: ~$2.9M

7. NES, LLC (Category D)

Estimated total outflow to NES LLC: ~$2.3M

8. DARREN K. INDYKE, PLLC (Legal Counsel)

Total to Indyke PLLC: ~$1.5M - $2.4M (legal fees for trust administration)

9. OTHER ENTITIES IN THE NETWORK

V. LARGE INDIVIDUAL TRANSACTIONS

The following individual transactions were flagged as "LARGE TRANSACTIONS" in Deutsche Bank reports:

The $21,077,720.73 debit (EFTA01427435) is the single largest transaction identified. It was flagged as a "LARGE TRANSACTION" at Deutsche Bank and appears associated with the Haze Trust's massive decline between August and October 2018.

VI. OUTGOING WIRE TRANSFERS

Two "Outgoing Wire Status Change" notifications were recovered referencing the Haze Trust:

Wire #1 (EFTA01367727)

• Subject: "Outgoing Wire Status Change"
• Account: Haze Trust
• Details: Partially illegible; reference to outgoing wire

Wire #2 (EFTA01384887)

• Date/Time: "21 2018 2:14 PM" (likely a date in 2018)
• Subject: "Outgoing Wire Status Change"
• Account: Haze Trust
• Details: Wire status notification, specific amount not recovered

Wire Transfer Infrastructure (from Epstein Account Statements)

The broader Epstein account network shows extensive wire transfer activity through these intermediary banks:

Key wire payees identified in Epstein network statements:
- Lsj, LLC / Lsj Employees (via Firstbank PR)
- Nautilus Inc (via Firstbank PR)
- Scott Graf (via Firstbank PR)
- Zorro Development Corp (via Wells Fargo)
- Black Srebnick Kornspan (via Wachovia -- law firm)
- Abbott and Lineham (via Firstbank PR)
- Bohlke International (via Firstbank PR -- aviation)
- Southern Trust (via Firstbank PR)

VII. AML COMPLIANCE INVESTIGATION

Deutsche Bank's AML Compliance unit conducted an active investigation of the Haze Trust during the drawdown period:

Alert Details

• Alert Number: SAM 1788880 [I]
• Subject: "RE: URGENT - THIRD REQUEST - RE: Inquiry Regarding THE HAZE TRUST, Account# N4G024943"
• Classification: [I] -- Investigation

Key Personnel Involved

Timeline of AML Inquiries

The emails show escalating urgency with subjects including:
- "RE: URGENT - THIRD REQUEST"
- "RE: Inquiry Regarding THE HAZE TRUST, Account#"
- Multiple rounds of inquiries sent to AMLCompliance Inquiries distribution list

Critical observation: The AML investigation was ongoing simultaneously with the $41.7M drawdown. The "THIRD REQUEST" language suggests Deutsche Bank compliance was having difficulty getting responses about the Haze Trust's activity.

VIII. EMIRATES BANK INTERNATIONAL CONNECTION

A connection between the Epstein network and Emirates Bank was identified:

Finding: Amar Siad at Emirates NBD/Emirates Bank International was a banking contact for the Epstein network. A book transfer to Emirates Bank International is documented (EFTA01483299), and there are references to LSJE LLC in connection with Emirates. Account 42959295 appears to be an Epstein-network account at Emirates.

IX. BANK OF NOVA SCOTIA (ST. THOMAS) CONNECTION

Bank of Nova Scotia, St. Thomas, USVI appears as both a wire transfer intermediary and a secured party (likely holding liens/security interests in Epstein assets).

X. FIRSTBANK PR & BANCO POPULAR PR

These Puerto Rico banks served as the primary conduits for wire transfers in and out of the Epstein network's USVI operations:

Firstbank PR (ABA: 221571473)

• Fedwire Debit Via Firstbank PR appears in dozens of transaction records
• Key payees via Firstbank: Lsj LLC, Lsj Employees, Scott Graf, Nautilus Inc, Bohlke International, Abbott and Lineham, Southern Trust
• Reference: EFTA01482260, 01482300, 01482303, 01483039, 01483057, 01500582, 01500588

Banco Popular PR (ABA: 021502011)

• Appears in multiple Fedwire debit records
• Key payees: Caricement, Paul Ferreras
• Reference: EFTA01483035, 01483056, 01527803

Finding from EFTA01500582/01500588: "Debit Via: Firstbank NC: Sou[thern]" -- confirms wire transfers FROM the Deutsche Bank accounts TO Southern Trust Company via Firstbank Puerto Rico.

XI. ATTEMPTED BALANCE RECONCILIATION

Reconstructed Drawdown by Destination

NOTE: The above figures represent aggregate debits observed across multiple balance snapshots. Some amounts may represent recurring monthly balances rather than cumulative transfers. The ranges are intentionally wide to account for OCR artifacts and temporal overlap. The confirmed balance decline of $41.7M falls within this range.

XII. KEY FINDINGS AND ANOMALIES

Finding 1: The Two-Account Structure

The Haze Trust maintained two distinct balance categories at Deutsche Bank:
- Operating account (~$2.5M): Held steady at $2,503,667.84 across months, suggesting a fixed deposit or minimum balance requirement
- Investment portfolio (~$49.5M declining): This is where the drawdown occurred

Finding 2: Rapid Drawdown During AML Investigation

The $41.7M drawdown occurred while Deutsche Bank's AML unit was actively investigating the account (Alert# SAM 1788880). The "URGENT - THIRD REQUEST" language in compliance emails suggests the drawdown may have been motivated by or accelerated due to the compliance scrutiny.

Finding 3: Southern Trust Company as Primary Funnel

Southern Trust Company, Inc. received the largest identifiable share of outflows -- potentially $15-20M. As a trust company, it could serve as an intermediary for further distribution of funds to ultimate beneficiaries, making downstream tracing critical.

Finding 4: Offshore Wire Infrastructure

The extensive use of Firstbank PR and Banco Popular PR as wire intermediaries, combined with the Bank of Nova Scotia (St. Thomas) and Emirates Bank International connections, indicates a sophisticated offshore wire infrastructure spanning:
- U.S. Virgin Islands (Firstbank PR, Bank of Nova Scotia St. Thomas)
- Puerto Rico (Banco Popular PR)
- United Arab Emirates (Emirates NBD/Emirates Bank International)
- Domestic U.S. (Wells Fargo, Wachovia/Wells Fargo)

Finding 5: The $21M Single Transaction

The $21,077,720.73 debit (EFTA01427435) flagged as a "LARGE TRANSACTION" represents approximately 50% of the total drawdown in a single movement. This warrants focused investigation.

Finding 6: Post-Drawdown Balance Stabilization

By January 2019, the Haze Trust balance stabilized at approximately $8.8M ($8,789,938.49 per EFTA01432198). This suggests the drawdown was a deliberate, planned reduction rather than an account closure.

Finding 7: Jeffrey Epstein Personal Account

Epstein's personal account (Category N) showed balances of $1.2M-$4.4M during this period, indicating the Haze Trust was the primary asset vehicle, not his personal account.

XIII. RECOMMENDATIONS FOR FURTHER INVESTIGATION

1. Subpoena Southern Trust Company, Inc. records to trace the $15-20M received from Haze Trust -- where did these funds ultimately go?

2. Obtain Firstbank PR wire transfer records (ABA 221571473) for all wires originating from RM Code 82289 accounts in the June-December 2018 period.

3. Investigate the $21,077,720.73 transaction (EFTA01427435) -- obtain the underlying wire transfer instructions, beneficiary details, and purpose.

4. Examine Emirates Bank International account 42959295 and the role of Amar Siad in the Epstein network.

5. Reconstruct Bank of Nova Scotia, St. Thomas relationship -- as a "Secured Party," what assets did they hold security interests in?

6. Analyze the timing of the drawdown relative to:
   - The Deutsche Bank AML Alert (SAM 1788880)
   - Any media reports or law enforcement activity in 2018
   - Deutsche Bank's eventual decision to close the Epstein relationship

7. Cross-reference LSJE, LLC wire transfers through Firstbank PR with the Emirates Bank International connection (EFTA01387625 links LSJE to Amar Siad at Emirates).

8. Investigate the static $2,503,667.84 balance -- was this a certificate of deposit, fixed-term deposit, or collateral account?

9. Trace Southern Financial LLC -- as a separate entity from Southern Trust Company, it received $8-12M during the drawdown. Determine its legal structure, beneficial ownership, and bank accounts.

10. Obtain complete, unredacted copies of the "Large, Zero and Negative Balances" reports for RM Code 82289 for every reporting date from May 2018 through April 2019.

APPENDIX A: SOURCE DOCUMENT INDEX

APPENDIX B: ENTITY RELATIONSHIP MAP

                    JEFFREY E. EPSTEIN (Personal Account - Cat N)
                            |
                   Deutsche Bank RM Code 82289
                            |
        +-------------------+-------------------+
        |                   |                   |
   THE HAZE TRUST     SOUTHERN TRUST    SOUTHERN FINANCIAL LLC
   (Cat D - $49.5M)   COMPANY, INC.    (Cat D)
   Acct# N4G024943    (Cat M)          |
        |                   |           +-- Firstbank PR -->  LSJE LLC
        |                   |           +-- Firstbank PR -->  NES LLC
        |                   |
        +---- $15-20M ----->+
        |                   |
        +---- $9M+ -------->+--- (further distribution unknown)
        |
        +---- $2-3M ------> BUTTERFLY TRUST (Cat M)
        |
        +---- $3-4M ------> ZORRO MANAGEMENT, LLC (Cat D)
        |                       |
        |                       +--> Zorro Development Corp
        |                       +--> Zorro Ranch
        |
        +---- $2-3M ------> LSJE, LLC (Cat D)
        |                       |
        |                       +--> Firstbank PR
        |                       +--> Emirates Bank Int'l (AMAR SIAD)
        |
        +---- $2-3M ------> NES, LLC (Cat D)
        |
        +---- $2-3M ------> GRATITUDE AMERICA, LTD (Cat N/M)
        |
        +---- $2-3M ------> DARREN K. INDYKE, PLLC (Legal)
        |
        +---- $0.5-1M ----> JEGE, LLC
        |
        +---- misc -------> NEPTUNE LLC, HYPERION AIR LLC,
                             PLAN D LLC, HBRK ASSOCIATES,
                             PRYTANEE LLC, AXCIS INFO NETWORK,
                             EQUIBASE CO., 2017 CATERPILLAR TRUST

WIRE INFRASTRUCTURE:
  Firstbank PR (ABA: 221571473) -- Primary USVI conduit
  Banco Popular PR (ABA: 021502011) -- Secondary Caribbean conduit
  Bank of Nova Scotia, St. Thomas -- USVI offshore
  Emirates Bank International -- UAE (contact: Amar Siad)
  Wachovia/Wells Fargo -- Domestic conduits

APPENDIX C: METHODOLOGY

This analysis was conducted by querying the the primary document text database database containing:
- 2,237 redactions in the EFTA01501000-01504000 range (Haze Trust bank statements)
- 677 redactions with recoverable hidden text in that range
- Cross-referenced against reconstructed_pages and extracted_entities tables
- Expanded search to EFTA01357000-01440000 for internal Deutsche Bank reports
- Expanded search to EFTA01480000-01530000 for Fedwire transaction records

Text was extracted from the OCR text layer of scanned PDF documents near redaction zones. Confidence scores range from 0.73 to 0.99.

All dollar amounts cited are as recovered from OCR of hidden text. Where OCR artifacts are present (e.g., "17,177,1:5.71"), the damaged characters are noted. Some numbers ending in partial digits (e.g., "49,233,909.7") may have truncated decimals.

Limitations:
- Many Haze Trust bank statements in EFTA01501000-01504000 only had header redactions recovered (account name, statement dates), not transaction detail
- Wire transfer amounts specific to Haze Trust could not be isolated from the Fedwire records, which primarily show Jeffrey Epstein personal account activity
- The "D" amounts in balance reports may represent cumulative positions rather than individual transactions
- OCR confidence varies; some amounts may contain character-level errors

ADDENDUM: DS9 REVISIT FINDINGS (2026-02-12)

The Rosetta Stone: EFTA00080250 (DS9)

Deutsche Bank's own counsel's master transaction chart -- prepared by Justin Alfano, Director/Associate General Counsel at Deutsche Bank AG, New York Branch -- was sent to DOJ prosecutors on August 12, 2019 (two days after Epstein's death). This 10-page, 5-exhibit document (Exhibits A-E with DB-SDNY Bates numbers for every transaction) provides the definitive source for the Haze Trust drawdown and all major financial flows. It confirms and corrects the OCR-based reconstruction in the original report.

Exhibit D: Complete Haze Trust Transaction Chain

Key corrections to original report:
1. The Haze Trust had 3 sub-accounts (Brokerage, Checking, DBAGNY), not 2 balance categories
2. The drawdown went primarily to Southern Financial LLC in 6 major tranches ($9M + $5M + $5M + $8M + $5M + $5M = $37M, June-December 2018), plus $10M to Southern Trust Company (10/1/2018)
3. The Christie's ($7.7M) and Sotheby's ($22.8M) auction proceeds flowed INTO the Haze Trust as inflows, not out
4. The Feb 2019 "stabilization" was a dissolution event with massive circular flows: $24.56M out to Southern Financial, $11.7M back in, $7M shuffle with Epstein personal checking
5. HSBC Bank Bermuda connection: $58K inflow on 12/13/2018 (offshore connection not in original report)
6. DB counsel (Footnote [7]): "We have yet to determine how the Haze Trust Brokerage account was initially capitalized" -- even Deutsche Bank did not know the source of the initial $49.5M

Exhibit A: Leon Black / Rothschild Exact Transactions

The complete Black-to-Epstein payment chain with Bates numbers exceeds $156M+ (higher than the previously estimated $118M). Key entries include:
- 10/15/2013 through 12/30/2015: Multiple Black Family Partners LP c/o Apollo and personal Black payments totaling ~$93.5M to Southern Trust
- 7/15/2014: Narrow Holdings LLC c/o Elysium Management: $20,000,000 to Southern Trust
- 12/17/2015: Edmond de Rothschild (Suisse) SA Geneva: $10,000,000 to Southern Trust
- 12/21/2015: Benjamin Edmond de Rothschild: $14,999,980 to Southern Trust
- 3/31/2017 and 4/17/2017: BV70 LLC to Plan D LLC: $22,500,000 + $8,000,000
- 10/2/2018: Plan D LLC to BV 70th LLC: $10,000,000 (partial round-trip)

Rothschild total: $24,999,980 ($10M via EdR Suisse SA + $14.999M via Benjamin personally)

Exhibit E: Gratitude America MMDA

$10M seeded by BV70 LLC (Leon Black), then disbursed to Bruce and Marsha Moskowitz Foundation ($150K), Melanoma Research Alliance Foundation ($225K), Cancer Research Wellness Institute ($50K), NPO Baleto Teatras ($18K, Lithuanian ballet), VSJ Baleto Teatras ($10K), and internal Gratitude America accounts at First Bank of Puerto Rico, Morgan Stanley, and Citibank.

Exhibit C: Epstein Personal Account -- New Names

New names/entities from Exhibit C not in the original report: Barry Jay Josephson ($200K), Island Global Yachting LTD ($293K), Seed Media Group ($170K), Kellerhals Ferguson Kroblin PLLC ($23M), Sultan Bin Sulayem ($6.2K), NLR Resorts International LLC ($100K across 3 payments), Link Rockenbach P.A. ($3M).

Estate Probate Inventory (EFTA00076491 / EFTA00076892, DS9)

Probate No. ST-19-PB-80 entity balances:
- Southern Trust Company, Inc.: $233,611,964
- Maple Inc: $56,257,200
- Nautilus Inc: $63,292,637
- Poplar Inc: $23,392,188
- Laurel Inc: $13,814,238
- Cypress Inc: $17,760,284

And the Haze Trust Agreement itself: "dated [March] 9, 1991, between JEFFREY E. EPSTEIN, as Grantor, and JEFFREY E. EPSTEIN, as Trustee"

DB Counsel Footnotes

• [1] Account statement lists "By 70th LLC" instead of "BV70 LLC" -- confirms BV70 = Leon Black entity
• [2] Wire memo: "Southern Financial LLC investment in Kyara Investments LLC" -- Kyara confirmed as Epstein investment vehicle
• [3] Wire memo: "subcr to Kyara Investments III, LLC to fund Blockstream Investment" -- crypto investment confirmed
• [4] Wire memo: "subcr to Kyara Investment IV, LLC to fund OH2 Laboratories" -- biotech investment confirmed
• [5] KYC: Epstein used Now/SuperNow accounts for "personal daily use"

END OF REPORT
Analyst: Forensic Analysis Unit
Date: 2026-02-05 (Addendum: 2026-02-12)
Classification: Working Document -- Law Enforcement Sensitive

DATA QUALITY NOTE: A data quality audit confirmed that ~98% of 'bad_overlay' records in the redaction database are OCR noise from degraded scans, not text hidden behind removable redactions. Text searches against this corpus remain valid for identifying which documents mention specific terms.