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financial/FORENSIC_ACCT_1_HAZE_DRAWDOWN

FORENSIC ACCOUNTING REPORT #1

financial

FORENSIC_ACCT_1_HAZE_DRAWDOWN.md

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["EFTA01432198", "EFTA01415125", "EFTA01415192", "EFTA01367727", "EFTA01423921", "EFTA01427435", "EFTA01483035", "EFTA01482260", "EFTA01386384", "EFTA01500588", "EFTA01365654", "EFTA01369003", "EFTA01433744", "EFTA01500582", "EFTA01374988", "EFTA01381149", "EFTA01527770", "EFTA01501000", "EFTA01423664", "EFTA00080250", "EFTA01431794", "EFTA01430931", "EFTA01369017", "EFTA01367707", "EFTA01437353", "EFTA01384887", "EFTA01480000", "EFTA01415009", "EFTA00076491", "EFTA01483477", "EFTA01430750", "EFTA01415188", "EFTA01415065", "EFTA01415190", "EFTA01381246", "EFTA01427976", "EFTA01483341", "EFTA01415146", "EFTA01427866", "EFTA01414998", "EFTA01360489", "EFTA01432142", "EFTA01357000", "EFTA01483299", "EFTA01413971", "EFTA01296236", "EFTA01387625", "EFTA01361263", "EFTA00076892", "EFTA01357853", "EFTA01414223", "EFTA01415127", "EFTA01415225", "EFTA01415223", "EFTA01421252", "EFTA01415194", "EFTA01483531", "EFTA01483362", "EFTA01431991", "EFTA01425095", "EFTA01376590", "EFTA01415196", "EFTA01415119", "EFTA01430852", "EFTA01369019", "EFTA01432135", "EFTA01413743", "EFTA01431827"]

["Jeffrey Epstein", "Josh", "Leon Black", "Sting", "Stewart Oldfield", "Vahe Stepanian", "Joshua Shoshan", "Southern Financial", "Cynthia Rodriguez", "Sultan Bin", "Fedwire Debi", "Epstein Files", "Donald Summer", "Zorro Ranch", "Virgin Islands", "Law Enforcement", "Inquiry Reg", "Status Chang", "Wells Fargo", "Zbynek Kozelsky", "Status Change", "Epstein Person", "Cherie Qui", "Zorro Develo", "Cherie Quigley", "Amlcompliance Inquiries", "Puerto Rico", "Deutsche Ban", "Zorro Developme", "Secured Party", "Black Srebnick", "Banco Popular"]

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

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 Field Value ------- ------- Account Name THE HAZE TRUST Account Number N4G024943 Bank Deutsche Bank (Private Wealth Management) RM Code 82289 Account Category D (Investment/Deposit) AML Alert SAM 1788880 [I] Key DB Personnel Vahe Stepanian, Joshua Shoshan, Donald Summer, Zbynek Kozelsky, Cynthia Rodriguez, Stewart Oldfield, Cherie Quigley Custodian's Attorney Darren K. Indyke, PLLC --- 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) Date Balance Source EFTA Change from Prior Notes ------ --------- ------------- ------------------- ------- Pre-May 2018 ~$49,397,167.47 EFTA01415009 -- Baseline balance 05/16/2018 $49,397,167.47 EFTA01415223 $0 Stable 05/18/2018 $49,397,167.47 EFTA01415225 $0 Stable ~Late May 2018 $49,336,341.83 EFTA01415146 -$60,825.64 Minor outflow 06/07/2018 ~$4,4,.1_ (partially illegible) EFTA01415119 -- OCR damage; likely ~$49.4M or start of decline 06/21/2018 $49,460,098.13 EFTA01381246 -- Full balance report recovered 06/25/2018 (Haze Trust present, balance partially obscured) EFTA01415125 -- Southern Trust M: $17,177,1X5.71 ~Late June 2018 $40,460,098.13 EFTA01415127 -$9,000,000.00 First major drop! ~$9M outflow ~Early July 2018 $40,521,596.75 EFTA01415190 +$61,498.62 Small inflow (interest?) 07/02/2018 Haze Trust D: $2,503,667.84 (operating) EFTA01431827 -- Operating account balance 07/12/2018 (Haze Trust present) EFTA01415192 -- 07/20/2018 (Haze Trust present, PRYTANEE LLC appears) EFTA01415196 -- New entity: Prytanee LLC ~Mid-July 2018 $40,521,596.75 EFTA01415194 -- Confirmed via Butterfly Trust cross-ref 08/17/2018 $40,583,100.79 (large) / $2,503,667.84 (operating) EFTA01381149 +$61,504.04 Full LZNB report recovered 08/28/2018 $35,583,100.79 EFTA01413971 -$5,000,000.00 Second major drop! ~$5M outflow 10/03/2018 $12,690,279.36 (large) / $2,503,667.84 (operating) EFTA01431991 -$22,892,821.43 Massive drawdown continues 10/18/2018 (Haze Trust present) EFTA01427866 -- 11/14/2018 $2,503,667.84 EFTA01430931 -- Only operating balance remains ~Late 2018 $7,719,110.44 EFTA01432135 -- Combined balance 01/14/2019 $8,789,938.49 EFTA01432198 -- Stabilizing 02/06/2019 (Haze Trust present) EFTA01432142 -- 04/26/2019 (Haze Trust referenced) EFTA01421252 -- Still open B. Haze Trust -- Operating Account Balance The smaller operating balance appeared consistently at $2,503,667.84 across multiple reports: Date Operating Balance Source EFTA ------ ------------------- ------------- 07/02/2018 $2,503,667.84 EFTA01431827 08/17/2018 $2,503,667.84 EFTA01381149 10/03/2018 $2,503,667.84 EFTA01431991 11/14/2018 $2,503,667.84 EFTA01430931 ~Late 2018 $2,503,667.84 EFTA01430750 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: SOUTHERN TRUST COMPANY, INC. (Category M -- Money/Market) Southern Trust consistently received large inflows, coded as "M" (money-in/market value): Date Amount Source EFTA Notes ------ -------- ------------- ------- ~May 2018 $2,273,641.26 EFTA01415009, 01415188, 01415223, 01415225 Recurring amount 06/07/2018 $2,277,085.70 EFTA01415119 06/25/2018 $17,177,1X5.71 EFTA01415125 OCR partially damaged; likely $17,177,105.71 or $17,177,125.71 ~Late June $17,077,085.70 EFTA01415127 ~Pre-May $5,021,044.90 EFTA01415146 ~June $4,771,044.90 EFTA01415065 08/28/2018 $1,485,501.88 EFTA01413971 10/03/2018 $2,470,113.49 EFTA01431991 10/18/2018 $1,470,113.49 EFTA01427866 11/14/2018 (present in report) EFTA01430931 ~Late 2018 $2,470,113.49 EFTA01430750 Late 2018 $1,464,796.67 EFTA01432135 (undated) $1,553,564.66 EFTA01431794 (undated) $9,909,230.55 EFTA01427976 LARGE TRANSACTION flagged (undated) $1,000,000.00 EFTA01427976 Explicit "MONEY TRANSFER" notation (undated) $10,906,247.09 EFTA01414998 Pre-drawdown period 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. SOUTHERN FINANCIAL LLC (Category D) Date Amount (D=Debit) Source EFTA ------ ------------------- ------------- 05/16/2018 $396,015.00 EFTA01415223 05/18/2018 $2,029,601.20 EFTA01415225 06/07/2018 $396,015.00 EFTA01415119 06/25/2018 $426,615.XX / $532,186.86 EFTA01415125 07/02/2018 $426,315.00 EFTA01431827 07/12/2018 $533,630.09 EFTA01415192 07/20/2018 $533,630.09 EFTA01415196 08/17/2018 $534,440.04 EFTA01381149 08/28/2018 $1,376,315.00 + $534,440.04 EFTA01413971 10/03/2018 $1,536,739.37 EFTA01431991 10/18/2018 $1,187,706.86 EFTA01427866 ~Late 2018 $1,536,739.37 EFTA01430750 ~Late 2018 $687,706.86 EFTA01432135 02/06/2019 $2,924,080.14 EFTA01432142 Estimated total outflow to Southern Financial LLC during drawdown: >$10M BUTTERFLY TRUST (Category M) Date Amount Source EFTA ------ -------- ------------- ~July 2018 $734,175.44 EFTA01415194 06/21/2018 $733,701.04 EFTA01381246 10/03/2018 $705,802.21 EFTA01431991 ~Late 2018 $705,802.21 EFTA01430750 01/14/2019 $357,146.85 EFTA01432198 Estimated total outflow to Butterfly Trust: ~$3.2M ZORRO MANAGEMENT, LLC (Category D) Date Amount Source EFTA ------ -------- ------------- 05/16/2018 $210,381.00 EFTA01415223 05/18/2018 $210,324.96 EFTA01415225 06/07/2018 $1X5,X74.X4 (damaged OCR) EFTA01415119 06/21/2018 (present in report) EFTA01381246 06/25/2018 $154,984.38 EFTA01415125 07/02/2018 $154,536.96 EFTA01431827 07/12/2018 $148,797.12 EFTA01415192 08/17/2018 $424,475.56 EFTA01381149 ~May 2018 $259,795.28 EFTA01415009, 01415188 ~May 2018 $259,369.08 EFTA01415065 ~May 2018 $312,715.04 EFTA01415146 10/03/2018 $124,356.26 EFTA01431991 10/18/2018 $305,472.98 EFTA01427866 11/14/2018 $265,245.21 EFTA01430931 01/14/2019 $255,511.05 EFTA01432198 02/06/2019 $333,974.12 EFTA01432142 Estimated total outflow to Zorro Management: ~$3.5M GRATITUDE AMERICA, LTD (Category N/M) Date Amount Source EFTA ------ -------- ------------- 06/21/2018 $323,223.15 (M) EFTA01381246 08/17/2018 $323,679.36 EFTA01381149 10/03/2018 $314,162.94 (M) EFTA01431991 10/18/2018 $314,162.94 EFTA01427866 ~Late 2018 $2,025,366.25 (N) EFTA01430750 01/14/2019 $2,232,836.20 EFTA01432198 02/06/2019 $2,233,087.94 (N) EFTA01432142 Estimated total: ~$7.8M (note: some figures may be account balances rather than transfer amounts) LSJE, LLC (Category D) Date Amount Source EFTA ------ -------- ------------- 05/18/2018 $172,419.43 EFTA01415225 ~June 2018 $383,788.59 EFTA01415065 06/07/2018 $392,857.46 EFTA01415119 06/25/2018 $432,442.14 EFTA01415125 07/20/2018 $501,905.54 EFTA01415196 ~July 2018 $389,236.96 EFTA01415190 ~July 2018 $205,628.62 EFTA01415194 08/28/2018 $240,223.25 EFTA01413971 ~May 2018 $213,342.92 EFTA01415188 Estimated total outflow to LSJE: ~$2.9M NES, LLC (Category D) Date Amount Source EFTA ------ -------- ------------- 05/16/2018 $152,113.24 EFTA01415223 05/18/2018 $152,052.49 EFTA01415225 ~May 2018 $239,736.74 EFTA01415146 08/28/2018 $252,123.92 EFTA01413971 ~July 2018 $422,856.70 EFTA01415190 ~July 2018 $389,026.20 EFTA01415194 ~July 2018 $389,090.10 EFTA01415192 ~July 2018 $343,264.15 EFTA01415196 Estimated total outflow to NES LLC: ~$2.3M DARREN K. INDYKE, PLLC (Legal Counsel) Date Amount Source EFTA ------ -------- ------------- 06/21/2018 $243,363.55 (D) / $267,972.25 (M) EFTA01381246 08/17/2018 $259,740.02 (D) / $268,350.48 EFTA01381149, 01427323 10/03/2018 $184,512.01 (D) / $268,754.26 (M) EFTA01431991 10/18/2018 $162,307.05 / $268,754.26 (M) EFTA01427866 (undated) $193,270.72 EFTA01427435 (undated) $291,127.64 EFTA01427976 Total to Indyke PLLC: ~$1.5M - $2.4M (legal fees for trust administration) OTHER ENTITIES IN THE NETWORK Entity Amount Source EFTA Date -------- -------- ------------- ------ PRYTANEE, LLC $197,X2.14 EFTA01415196 07/20/2018 NEPTUNE, LLC $155,820.43 - $276,010.83 EFTA01414998, 01430931 Various HYPERION AIR, LLC $147,203.75 - $347,674.83 EFTA01381246, 01430931 Various PLAN D, LLC $218,453.14 - $789,557.84 EFTA01430931 et al. Various JEGE, LLC $239,917.66 - $463,079.08 EFTA01430852 et al. Various HBRK ASSOCIATES, INC $149,498.33 - $418,598.61 EFTA01381149, 01430852 Various AXCIS INFORMATION NETWORK INC $436,628.19 (M) EFTA01431827 07/02/2018 EQUIBASE COMPANY (present) EFTA01425095 -- THE 2017 CATERPILLAR TRUST (present) EFTA01423664 -- --- V. LARGE INDIVIDUAL TRANSACTIONS The following individual transactions were flagged as "LARGE TRANSACTIONS" in Deutsche Bank reports: EFTA Amount Entity Type Date ------ -------- -------- ------ ------ EFTA01427976 $9,909,230.55 Southern Trust Company, Inc. M (inflow to STC) ~Late 2018 EFTA01427976 $1,000,000.00 Southern Trust Company, Inc. MONEY TRANSFER ~Late 2018 EFTA01427976 $7,717,706.44 THE HAZE TRUST D (debit/outflow) ~Late 2018 EFTA01427435 $21,077,720.73 THE HAZE TRUST D (debit/outflow) ~Sept-Oct 2018 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: Bank Routing/ABA Purpose ------ ------------- --------- Firstbank PR 221571473 Primary USVI wire conduit Banco Popular PR 021502011 Caribbean wire conduit Bk of Nova Scotia St Thomas -- USVI offshore banking Emirates Bank International -- UAE correspondent Wachovia Bk NA FL 063000021 Domestic wire intermediary Wells Fargo NA 121000248 Domestic wire intermediary 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 Name Role EFTA Sources ------ ------ -------------- Vahe Stepanian AML Compliance EFTA01357853, 01365654, 01369003, 01369019 Joshua Shoshan (CC'd on inquiries) Multiple Donald Summer AML Compliance EFTA01369019, 01413743 Zbynek Kozelsky AML Compliance EFTA01360489, 01369003 Cynthia Rodriguez AML Compliance EFTA01369003, 01386360, 01414223 Stewart Oldfield (Inquiries) EFTA01369017, 01414223, 01414241 Cherie Quigley (Inquiries) EFTA01413743 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: EFTA Content Significance ------ --------- ------------- EFTA01367707 www.emiratesnbd.com Emirates NBD website reference EFTA01387625 "AMAR SIAD at EMIRATES" + reference to "LSJE" Emirates contact linked to LSJE LLC EFTA01386384 "AMAR SIAD at EMIRATE" + "account 42959295" Account number at Emirates EFTA01433744 "AMAR SIAD" + "EMIRATE" + "quiry Regarding Account 429" Inquiry about account 429... EFTA01361263 "Amar Siad" Contact reference EFTA01483299 "11/24 Book Transfer NC mirates Bank Int" Book transfer to Emirates Bank International 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 EFTA Content ------ --------- EFTA01483341 "Nova Scotia S" + "Firstbank" EFTA01483477 "The Bk of Nova Scotia St Thomas" EFTA01483531 "of Nova Scotia St Thoma homas Virgin Islan" EFTA01527770 "The Bk of Nova Scotia St Thomas" EFTA01296236 "Secured Party Information BANK NOVA SCOTIA" EFTA01483362 "Book Transfer At. Zone Tuut New York NV" (possible "Zorro Trust") 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 Destination Estimated Amount Confidence ------------- ----------------- ------------ Southern Trust Company, Inc. $15,000,000 - $20,000,000 HIGH -- Largest single recipient; $17.1M and $9.9M transfers confirmed Southern Financial LLC $8,000,000 - $12,000,000 MEDIUM-HIGH -- Recurring large debits Zorro Management, LLC $2,500,000 - $3,500,000 MEDIUM -- Consistent monthly outflows Butterfly Trust $2,500,000 - $3,200,000 MEDIUM -- Category M (market/money) LSJE, LLC $2,000,000 - $3,000,000 MEDIUM -- Monthly debits NES, LLC $1,500,000 - $2,500,000 MEDIUM -- Monthly debits Gratitude America, Ltd $2,000,000 - $3,000,000 MEDIUM -- Mix of N and M categories Darren K. Indyke, PLLC $1,500,000 - $2,500,000 MEDIUM -- Legal/admin fees JEGE, LLC $500,000 - $1,000,000 LOW -- Sporadic appearances Neptune, LLC $300,000 - $600,000 LOW Hyperion Air, LLC $300,000 - $700,000 LOW Plan D, LLC $400,000 - $1,600,000 LOW -- Wide range HBRK Associates $300,000 - $800,000 LOW Prytanee, LLC ~$200,000 LOW -- Single appearance Other/Unidentified $2,000,000 - $5,000,000 -- ESTIMATED TOTAL $39,000,000 - $60,000,000 -- 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 Subpoena Southern Trust Company, Inc. records to trace the $15-20M received from Haze Trust -- where did these funds ultimately go? Obtain Firstbank PR wire transfer records (ABA 221571473) for all wires originating from RM Code 82289 accounts in the June-December 2018 period. Investigate the $21,077,720.73 transaction (EFTA01427435) -- obtain the underlying wire transfer instructions, beneficiary details, and purpose. Examine Emirates Bank International account 42959295 and the role of Amar Siad in the Epstein network. Reconstruct Bank of Nova Scotia, St. Thomas relationship -- as a "Secured Party," what assets did they hold security interests in? 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 Cross-reference LSJE, LLC wire transfers through Firstbank PR with the Emirates Bank International connection (EFTA01387625 links LSJE to Amar Siad at Emirates). Investigate the static $2,503,667.84 balance -- was this a certificate of deposit, fixed-term deposit, or collateral account? 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. 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 EFTA Number Document Type Key Content Date ------------- --------------- ------------- ------ EFTA01357853 AML Email First Haze Trust AML inquiry -- EFTA01360489 AML Email "URGENT THIRD REQUEST" re Haze Trust -- EFTA01365654 AML Email "RE: URGENT - THIRD REQUEST" -- EFTA01367707 Correspondence Emirates NBD website reference -- EFTA01367727 Wire Notification Outgoing Wire Status Change - Haze Trust -- EFTA01369019 AML Email Full account# N4G024943, Alert# SAM 1788880 -- EFTA01374988 Email "FW: Haze Trust" subject line -- EFTA01376590 AML Email Haze Trust Account# -- EFTA01381149 Balance Report COMPLETE LZNB report dated 08/17/18 08/17/2018 EFTA01381246 Balance Report COMPLETE LZNB report dated 06/21/18 06/21/2018 EFTA01384887 Wire Notification Outgoing Wire - Haze Trust, dated 2018 2018 EFTA01386384 Email AMAR SIAD at Emirates, account 42959295 -- EFTA01387625 Email AMAR SIAD at Emirates + LSJE -- EFTA01413743 AML Email RE: Inquiry Regarding Haze Trust -- EFTA01413971 Balance Report Haze Trust D: $35,583,100.79 08/28/2018 EFTA01414223 AML Email Inquiry Regarding Haze Trust Account# -- EFTA01414998 Balance Report Haze Trust D: $21,035,275.90 -- EFTA01415009 Balance Report Haze Trust D: $49,397,167.47 ~May 2018 EFTA01415065 Balance Report Southern Trust M: $4,771,044.90 -- EFTA01415119 Balance Report Haze Trust + date 06/07/18 06/07/2018 EFTA01415125 Balance Report Southern Trust M: $17,177,1X5.71 06/25/2018 EFTA01415127 Balance Report Haze Trust D: $40,460,098.13 ~Late June 2018 EFTA01415146 Balance Report Haze Trust D: $49,336,341.83 ~May 2018 EFTA01415188 Balance Report Haze Trust D: $49,397,167.47 -- EFTA01415190 Balance Report Haze Trust D: $40,521,596.75 ~July 2018 EFTA01415192 Balance Report Haze Trust present 07/12/2018 EFTA01415194 Balance Report Haze Trust $40,521,596.75; Butterfly Trust $734K ~July 2018 EFTA01415196 Balance Report Prytanee LLC appears 07/20/2018 EFTA01415223 Balance Report Haze Trust D: $49,397,167.47 05/16/2018 EFTA01415225 Balance Report Haze Trust D: $49,397,167.47 05/18/2018 EFTA01421252 Document "The Haze Trust" dated 04/26/2019 04/26/2019 EFTA01423921 Balance Report Southern Financial + Southern Trust + Gratitude + Haze -- EFTA01427435 Balance Report Haze Trust D: $21,077,720.73 -- LARGE TRANSACTION -- EFTA01427866 Balance Report Multiple entities + date 10/18/18 10/18/2018 EFTA01427976 Balance Report Haze D: $7,717,706.44; Southern Trust M: $9,909,230.55 + $1M transfer ~Late 2018 EFTA01430750 Balance Report Full entity list + Haze D: $2,503,667.84 ~Late 2018 EFTA01430852 Balance Report Haze Trust D: $49,233,909.7X ~Pre-drawdown EFTA01430931 Balance Report Haze D: $2,503,667.84 11/14/2018 EFTA01431794 Balance Report Southern Trust M: $1,553,564.66 -- EFTA01431827 Balance Report Haze Trust D: $2,503,667.84 07/02/2018 EFTA01431991 Balance Report Haze D: $2,503,667.84 + $12,690,279.36 10/03/2018 EFTA01432135 Balance Report Haze Trust D: $7,719,110.44 ~Late 2018 EFTA01432142 Balance Report Multiple entities 02/06/2019 EFTA01432198 Balance Report Haze Trust $8,789,938.49 01/14/2019 EFTA01433744 Email AMAR SIAD at Emirates + account inquiry -- EFTA01437353 AML Email Haze Trust Account# N4G024943 -- EFTA01483299 Transaction Record Book Transfer to Emirates Bank International -- EFTA01500582 Transaction Record Debit Via Firstbank NC: Southern [Trust] -- EFTA01500588 Transaction Record Debit Via Firstbank NC: Southern [Trust] -- --- 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 Date From To Amount Bates ------ ------ ---- -------- ------- 3/10/2017 Haze Trust Brokerage Haze Trust Checking $36,000,000 DB-SDNY-0006153 3/10/2017 Haze Trust Checking Haze Trust DBAGNY $35,999,000 DB-SDNY-0006153 3/27/2017 Haze Trust DBAGNY Plan D LLC Checking $15,000,000 DB-SDNY-0006168 6/19/2017 Christie's Inc. Haze Trust Checking $7,725,000 DB-SDNY-0006320 9/25/2017 Sotheby's Haze Trust Checking $11,536,544 DB-SDNY-0006565 10/24/2017 Sotheby's Haze Trust Checking $11,249,417 DB-SDNY-0006646 6/22/2018 Haze Trust DBAGNY Southern Financial LLC $9,000,000 DB-SDNY-0007361 8/20/2018 Haze Trust DBAGNY Southern Financial LLC $5,000,000 DB-SDNY-0007544 9/17/2018 Haze Trust DBAGNY Southern Financial LLC DBAGNY $5,000,000 DB-SDNY-0007635 9/28/2018 Haze Trust DBAGNY Southern Financial LLC $8,000,000 DB-SDNY-0007635 10/1/2018 Haze Trust DBAGNY Southern Trust Company $10,000,000 DB-SDNY-0007725 10/24/2018 Haze Trust DBAGNY Southern Financial LLC $5,000,000 DB-SDNY-0007725 11/20/2018 Haze Trust Checking Southern Financial LLC $2,500,000 DB-SDNY-0007798 12/13/2018 HSBC Bank Bermuda Haze Trust Checking $58,328 DB-SDNY-0007888 12/19/2018 Haze Trust DBAGNY Southern Financial LLC $5,000,000 DB-SDNY-0007908 1/10/2019 Haze Trust DBAGNY Haze Trust Checking $2,727,941 DB-SDNY-0007979 1/10/2019 Haze Trust Brokerage Haze Trust Checking $6,000,000 DB-SDNY-0007979 2/7/2019 Haze Trust Checking Southern Financial LLC $8,791,283 DB-SDNY-0008063 2/19/2019 Haze Trust Brokerage Haze Trust Checking $12,608,253 DB-SDNY-0008064 2/19/2019 Southern Financial LLC Haze Trust Checking $11,715,364 DB-SDNY-0008063 2/19/2019 Jeffrey Epstein Checking Haze Trust Checking $7,000,000 DB-SDNY-0008063 2/22/2019 Haze Trust Checking Jeffrey Epstein Checking $7,000,000 DB-SDNY-0008063 2/22/2019 Haze Trust Checking Southern Financial LLC $24,564,037 DB-SDNY-0008063 Key corrections to original report: The Haze Trust had 3 sub-accounts (Brokerage, Checking, DBAGNY), not 2 balance categories 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) The Christie's ($7.7M) and Sotheby's ($22.8M) auction proceeds flowed INTO the Haze Trust as inflows, not out 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 HSBC Bank Bermuda connection: $58K inflow on 12/13/2018 (offshore connection not in original report) 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.