Epstein Data Wiki

Ira Zicherman

Properties2
tagsperson, finance, bear-stearns, new-york, epstein-trusts
aliasesIra Zichermann, Ira Zicerman, Zicherman, Ira

14 min read

OccupationAccount executive, later investment professional, Bear, Stearns & Co. Inc., New York12
Role for EpsteinNamed on statements for brokerage accounts of Epstein and entities associated with him, December 30, 2000 – July 31, 2007 (earliest and latest statements cited here)12
Trust roleCo-trustee, The Jeffrey E. Epstein 2001 Trust One, June 27, 2003 (designated) – September 5, 2007 (removed)34
Named inThe 2007 Jeffrey E. Epstein Insurance Trust #3, as a one-million-dollar beneficiary; the trustees could delete or add beneficiaries under this article during the grantor’s lifetime56

Ira Zicherman was the account executive at Bear, Stearns & Co. Inc. for brokerage accounts of Jeffrey Epstein and of entities associated with him, and served with Ghislaine Maxwell as a co-trustee of The Jeffrey E. Epstein 2001 Trust One from June 2003 until September 2007.1234 Bear Stearns statements name him as the account executive, and in 2007 as the investment professional, on accounts of Financial Trust Company, Inc. and of several Epstein trusts, from a statement period beginning December 30, 2000 to one ending July 31, 2007.1278 Epstein’s estate-planning papers of 2007 name him as a one-million-dollar beneficiary of an insurance trust, and Dun & Bradstreet directory records list him as a manager of J. Epstein & Co. Inc.5910 Epstein’s office scheduled appointments with him in June 2010 and in July 2011.111213

Bear Stearns

Statements produced in the Justice Department release name Zicherman on brokerage accounts held by Epstein and by entities associated with him.12 The earliest cited here carries a statement period of December 30, 2000 to January 26, 2001 and the latest one of June 30 to July 31, 2007.12 The servicing office is given as Bear, Stearns & Co. Inc. at 245 Park Avenue on the earlier statements and at 383 Madison Avenue on the later ones.12 His title is printed as “Account Executive” on the earlier statements and as “Investment Professional” on those of 2007.17142

AccountRegistration on the statementSource
Financial Trust Company, Inc.c/o American Yacht Harbor, 6100 Red Hook Suite B-3, Quarters #2, St. Thomas7
International Charitable Interests II DTD 08/30/94Financial Trust Co. Inc., Trustee, 6100 Red Hook Quarter Ste. B-3, St. Thomas8
Institutional InterestsFinancial Trust Co., Trustee, 6100 Red Hook Quarter Ste. B-3, St. Thomas15
Health & Science Interests IITrust, Jeffrey E. Epstein, Trustee, DTD 8/18/93, 6100 Red Hook Quarter Ste. B-3, St. Thomas16
Epstein Interests DTD 12/26/91Jeffery E. Epstein, Mark L. Epstein and William Elkus, Trustees, 457 Madison Avenue, New York (the statement itself prints “Jeffery,” not “Jeffrey”)17
Jeffrey Epstein (personal)c/o Financial Trust Company, 6100 Red Hook Quarter B-3, St. Thomas14

A statement for Epstein’s own account for the period January 26 to February 22, 2002 was issued by Bear Stearns International Ltd. of 1 Canada Square, London, “[r]egulated by the Security & Futures Authority,” and also names Zicherman as the account executive.18

A quarterly notice on the December 2005 statement for the International Charitable Interests II account records that, “[p]ursuant to your previously issued instructions, Bear Stearns Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement,” and that to modify or stop distribution the account holder should contact the account executive.19 Beneath it, under the heading “Third Party,” the statement prints “#ZICHERMAN IRA / PRIVATE CLIENT SERVICES” over a redacted address, and under “C/O OFFICE” the name of Epstein’s accountant Harry Beller over a redacted address in New York, NY 10022.19

On March 30, 2007, Epstein’s attorney Darren K. Indyke wrote to “Zicherman, Ira (Exchange)” at Bear Stearns to certify the ownership chain of two Virgin Islands corporations: “This is to certify that Financial Trust Company, Inc. … is the sole stockholder of Jeepers, Inc. … As you know, Jeffrey E. Epstein … is the sole stockholder of Financial Trust Company, Inc. and, through his holdings of Financial Trust Company, Inc. stock, is the beneficial owner of Jeepers, Inc.”20 Sent at 10:51 a.m., the letter was forwarded within Bear Stearns four minutes later. The copy cited above and all three further copies were produced by JPMorgan Chase; all four carry the identical Bates stamp JPM-SDNY-00002594.2021

The Jeffrey E. Epstein 2001 Trust One

The Jeffrey E. Epstein 2001 Trust One was created by a trust agreement dated November 8, 2001 between Epstein as grantor and Epstein and Jeffrey A. Schantz as trustees; its trustees were relieved of the duties otherwise imposed by Chapter 59 of Title 15 of the Virgin Islands Code, and Article FIFTEENTH reserved to Epstein the power to revoke or amend it.223

The First Amendment, executed on June 27, 2003, states: “I hereby remove JEFFREY A. SCHANTZ as a co-Trustee of the trust and designate GHISLAINE MAXWELL and IRA ZICHERMAN as successor co-Trustees in his place.”3 The signature page carries Epstein’s signature as grantor and as trustee and the signatures of Maxwell and of “Ira Zicherman, Trustee.”3 Epstein’s signature was acknowledged before a notary in St. Thomas on June 27, 2003; Zicherman’s was acknowledged in New York on July 15, 2003, before the notary Anna M. Vero, and Maxwell’s in New York on August 12, 2003, before Harry I. Beller.3

The same amendment rewrote the article of the trust governing the trustees. The 2001 original had named Jeffrey A. Schantz to designate and to remove successor trustees, with Darren K. Indyke as a fallback appointee if Schantz ceased to act without having named a successor.22 The amendment deleted both the named removal power and the fallback appointee, providing instead only that “[t]he last acting Trustee is authorized to designate one or more additional or successor Trustees.”3 The liability shield (“[n]o Trustee acting hereunder shall be liable for any loss or damage which may occur hereunder, unless due to willful default, deliberate wrongdoing, or willful violation of an express provision hereof”), the relief from giving a bond or filing periodic reports with any court, and the authority to divide or combine trusts were already in the 2001 original and were carried forward unchanged by the amendment, not created by it.223

The Fourth Amendment, acknowledged by Epstein in New York on September 5, 2007, states: “I hereby remove GHISLAINE MAXWELL and IRA ZICHERMAN as successor co-Trustees of the trust and designate DARREN K. INDYKE, JOSEPH PAGANO and LAWRENCE NEWMAN as successor co-Trustees in their place.”4 It was executed by Epstein alone as grantor and recites that he had previously amended the trust “on June 27, 2003, December 3, 2004 and February 6, 2006.”4 The instrument states only that the co-trustees are removed and gives no reason.4 The trust was amended and restated in January 2012 and revoked and terminated on October 24, 2012, by which time Indyke and Andrew Farkas were its trustees.23

No statement by Zicherman about the trusteeship, and no response from him to any of the matters described on this page, is recorded here.

The 2007 insurance trust

The 2007 Jeffrey E. Epstein Insurance Trust #3, a trust agreement dated November 1, 2007 between Epstein as grantor and Darren K. Indyke and Lawrence Newman as trustees, directs the trustees, on Epstein’s death, to dispose of the then-remaining principal among five one-million-dollar bequests, the first being: “(1) One million dollars to IRA ZICHERMAN, if he is then living…”5624 Of the five, Zicherman’s is the only bequest carrying a gift-over: the instrument continues, “or if not to his issue then living,” a clause the other four do not have. The instrument also gave the trustees the right, during the grantor’s lifetime, to delete or add beneficiaries under this article.5

A one-page chart summarising Epstein’s will and trusts shows the same instrument as “2007 Ins. Tr #3 (5M)”, with a box beneath it reading “1M to Ira Zicherman.”9

J. Epstein & Co. Inc.

Dun & Bradstreet directory records for J. Epstein & Co. Inc. list Zicherman as a manager.1025 The earliest, bearing a load date of February 28, 2003, gives the executives as “Jeffrey E Epstein, Pres / Helen Kin, Office Manager / Ira Zicherman, Manager / Mark Epstein, Manager,” and classifies the firm as an investment counsellor.10 A Dun’s Decision Makers report printed May 20, 2013 gives the company’s address as 6100 Red Hook Qtrs, St. Thomas, and its industry as “Finance, Insurance, And Real Estate; Investment Consultants,” and again lists Zicherman as a manager alongside Mark Epstein.25 The same D&B material was reproduced in a JPMorgan private-wealth due-diligence research packet on J. Epstein & Co. prepared on August 14, 2013.26 These are commercial directory entries; they do not state the basis of the title or the period to which it applies.1025

Contact with Epstein, 2005–2011

Epstein’s office message log for April 11, 2005 records two calls from Zicherman.27 At 10:22 a.m.: “Bought 50 000 CELG at $437.068.”27 At 10:35 a.m.: “Stock is trading at 36.79. I understand there are some additional shares, some blocks available in this area. Do you have any interest?”27 The figure in the first message is printed as shown on the page image; the telephone column beside both entries is redacted.2728

An undated list headed “List of People Who Need JE’s Address!”, setting out how to write to Epstein while he was in custody in Florida, names Zicherman, marked “done.”29

On June 15, 2010 Epstein wrote, “also schedule ira zicerman.”11 The schedules circulated that day and the next place an appointment with him at 11:30 on Thursday, June 17, 2010.30

On June 30, 2011 Epstein’s assistant Lesley Groff wrote to him under the subject “Ira Zichermann”: “Please call Ira Zichermann.”31 On July 5, 2011 she wrote, “Reminder you want to see ira Zicherman tomorrow morning. We have not set a time,” and Epstein replied, “call him today.”12 Calendar reminders that day and the next asked what time the meeting would be.32 The day sheet for Wednesday, July 6, 2011 lists “10:00 Appt w/Ira Zicherman.” Earlier revisions of the same day sheet, circulated by email the day before and that morning, had carried the qualifier “(waiting for reply)”; it was dropped from the two latest revisions, including the one cited here.13

The Bear Stearns arbitration

In 2009 Financial Trust Company, Inc. and The C.O.U.Q. Foundation, Inc. brought a FINRA arbitration against The Bear Stearns Companies, Bear, Stearns & Co. Inc., Bear Stearns Asset Management Inc. and Warren Spector, case number 09-00979.3334 Their amended statement of claim, filed September 16, 2009, arose out of the collapse in the summer of 2007 of a group of hedge funds managed by Bear Stearns; the claimants said they had invested $40 million in the funds and put their base damages with interest at more than $45 million.3334

The Bear Stearns respondents’ first request for documents, returnable February 5, 2010, asked the claimants for all records of their communications and of their meetings, from July 1, 2003 onwards, with a short list of people that included Zicherman.34 Financial Trust Company objected that the requests were not calculated to lead to the discovery of relevant information and were overly burdensome and vague, and agreed to produce only documents relating to the funds; the identical objection, in the same words, answers four consecutive requests on the cited page, not only the two naming Zicherman.35 The arbitration was settled in August 2011 and dismissed with prejudice, and counsel for the claimants certified that they had received no documents or other materials from the respondents during discovery in the matter.36

Footnotes

  1. Bear Stearns statement, Epstein Interests, statement period December 30, 2000 to January 26, 2001, “Account Executive Zicherman, Ira,” servicing office 245 Park Avenue. https://epstein-data.com/EFTA00195416 p.14. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  2. Bear Stearns statements, Epstein Interests, statement periods June 30 to July 31, 2007 and June 1 to June 29, 2007, “Investment Professional,” servicing office 383 Madison Avenue. https://epstein-data.com/EFTA00195371 pp.2, 8. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  3. First Amendment to The Jeffrey E. Epstein 2001 Trust One, executed June 27, 2003. https://epstein-data.com/EFTA01266298 pp.1–4. A duplicate copy is at https://epstein-data.com/EFTA00082417 ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8

  4. Fourth Amendment to The Jeffrey E. Epstein 2001 Trust One, acknowledged September 5, 2007. https://epstein-data.com/EFTA01266327 pp.1–2. A duplicate copy is at https://epstein-data.com/EFTA00082405 ↩ ↩2 ↩3 ↩4 ↩5

  5. The 2007 Jeffrey E. Epstein Insurance Trust #3, trust agreement dated November 1, 2007. https://epstein-data.com/EFTA01298228 pp.7–9. ↩ ↩2 ↩3 ↩4

  6. A second copy of the same instrument. https://epstein-data.com/EFTA01442948 p.26. ↩ ↩2

  7. Bear Stearns statement, Financial Trust Company Inc., statement period May 26 to June 29, 2001. https://epstein-data.com/EFTA01321275 p.49. ↩ ↩2 ↩3

  8. Bear Stearns statements, International Charitable Interests II DTD 08/30/94. https://epstein-data.com/EFTA01322624 p.23; https://epstein-data.com/EFTA01322744 p.23. ↩ ↩2

  9. Summary chart of Epstein’s will and trusts, document number 618145.3. https://epstein-data.com/EFTA01124380 p.2. ↩ ↩2

  10. Dun & Bradstreet record for J. Epstein & Co. Inc., load date February 28, 2003. https://epstein-data.com/EFTA01582867 p.1. A further copy is at https://epstein-data.com/EFTA01594267 p.6. ↩ ↩2 ↩3 ↩4

  11. Email thread, June 15, 2010. https://epstein-data.com/EFTA02412381 ↩ ↩2

  12. Lesley Groff to Jeffrey Epstein and reply, July 5, 2011. https://epstein-data.com/EFTA02032074 . Copies at https://epstein-data.com/EFTA01864582 and https://epstein-data.com/EFTA02540764 ↩ ↩2

  13. Day sheet for Wednesday, July 6, 2011. Six successive email revisions of the day sheet, sorted by their own From/Sent header timestamps: https://epstein-data.com/EFTA00431395 (circulated Tue, July 5, 2011, 5:55 p.m.); https://epstein-data.com/EFTA00672692 (Wed, July 6, 3:12 a.m.); https://epstein-data.com/EFTA00914237 (6:07 a.m.); https://epstein-data.com/EFTA00431055 (1:38 p.m.); https://epstein-data.com/EFTA00431087 (3:20 p.m., the version cited above); and https://epstein-data.com/EFTA00305091, undated in the text layer but the fullest revision, adding a later entry. The qualifier “(waiting for reply)” appears on the first four revisions and is absent from the last two. ↩ ↩2

  14. Bear Stearns statement, Jeffrey Epstein personal account c/o Financial Trust Company, statement period March 1–30, 2007, “Investment Professional.” https://epstein-data.com/EFTA01324702 p.33. ↩ ↩2

  15. Bear Stearns statement, Institutional Interests, statement period June 1–28, 2002. https://epstein-data.com/EFTA00197957 p.59. ↩

  16. Bear Stearns statements, Health & Science Interests II. https://epstein-data.com/EFTA01321830 pp.2, 19. ↩

  17. Bear Stearns statements, Epstein Interests DTD 12/26/91. https://epstein-data.com/EFTA01320163 pp.36, 46. ↩

  18. Bear Stearns International Ltd. statement, 1 Canada Square, London, statement period January 26 to February 22, 2002. https://epstein-data.com/EFTA01324774 p.19. ↩

  19. Bear Stearns statement, International Charitable Interests II, statement period December 1–30, 2005, third-party duplicate-statement notice. https://epstein-data.com/EFTA01322808 p.2. ↩ ↩2

  20. Darren K. Indyke to Ira Zicherman, “Jeepers, Inc.,” March 30, 2007, forwarded within Bear Stearns at 10:55 a.m. https://epstein-data.com/EFTA01655049 ↩ ↩2

  21. Further copies of the same letter. https://epstein-data.com/EFTA00038693 ; https://epstein-data.com/EFTA01655047 ; https://epstein-data.com/EFTA00097633 ↩

  22. The Jeffrey E. Epstein 2001 Trust One, trust agreement dated November 8, 2001, bound with the First Amendment. https://epstein-data.com/EFTA01266298 pp.6, 19–21. ↩ ↩2 ↩3

  23. Revocation and Termination of The Jeffrey E. Epstein 2001 Trust One, October 24, 2012. https://epstein-data.com/EFTA01266332 p.1. ↩

  24. One-page copies of the same schedule page. https://epstein-data.com/EFTA01363481 ; https://epstein-data.com/EFTA01369269 ; https://epstein-data.com/EFTA01391591 ↩

  25. Dun’s Decision Makers report for J Epstein & Co Inc, printed May 20, 2013. https://epstein-data.com/EFTA01361586 p.1. ↩ ↩2 ↩3

  26. JPMorgan private-wealth due-diligence research packet, “J. Epstein & Co,” prepared August 14, 2013. https://epstein-data.com/EFTA01405372 pp.1, 42. ↩

  27. Epstein office message log, April 11, 2005. https://epstein-data.com/EFTA01308309 p.6. ↩ ↩2 ↩3 ↩4

  28. Copies of the same log. https://epstein-data.com/EFTA00008870 ; https://epstein-data.com/EFTA00024275 ; https://epstein-data.com/EFTA00257233 ; https://epstein-data.com/EFTA01700132 ; https://epstein-data.com/EFTA01720138 ↩

  29. “List of People Who Need JE’s Address!” https://epstein-data.com/EFTA00306074 pp.1–2. ↩

  30. Schedules for Thursday June 17 and Friday June 18, 2010. https://epstein-data.com/EFTA02412465 ; https://epstein-data.com/EFTA02412468 ; https://epstein-data.com/EFTA02413044 ↩

  31. Lesley Groff to Jeffrey Epstein, June 30, 2011, subject “Ira Zichermann.” https://epstein-data.com/EFTA02540342 ↩

  32. Calendar reminders, July 5 and 6, 2011. https://epstein-data.com/EFTA02187197 ; https://epstein-data.com/EFTA02186218 ↩

  33. Financial Trust Company, Inc.’s and The C.O.U.Q. Foundation’s amended statement of claim, FINRA case 09-00979. https://epstein-data.com/EFTA00300203 p.1. ↩ ↩2

  34. The Bear Stearns respondents’ first request for the production of documents and information, requests 38 and 39. https://epstein-data.com/EFTA00724436 pp.1, 11. ↩ ↩2 ↩3

  35. Claimants’ response to the first request for production, May 25, 2010. https://epstein-data.com/EFTA00731180 pp.1, 10. ↩

  36. Susman Godfrey letter certifying settlement, August 29, 2011, and stipulation of dismissal with prejudice. https://epstein-data.com/EFTA00283089 p.1 ; https://epstein-data.com/EFTA00611330 p.20. ↩

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