Epstein Data Wiki

Paul Barrett

Properties2
tagsperson, finance, jpmorgan, deutsche-bank, alpha-group-capital, osborne-lane-capital, trusts, loans, draft
aliasesPaul S. Barrett, Paul S Barrett, Barrett, Paul S, Paul Barrett CFA

33 min read

Named on the documents as”Paul S Barrett” and “Barrett, Paul S” in sender fields from 2010 to 2016; “Paul Barrett” in sender fields from 2017 to 2019; “PAUL BARRETT”, in capitals, in three trust agreements naming Jeffrey Epstein as grantor1234567
What the documents give as his occupationHis own signature block names, in order, “Managing Director”, “Global Investment Opportunities Group”, “J.P. Morgan Securities LLC”, “J.P. Morgan Private Bank” and “J.P. Morgan Chase Bank N.A.” It prints a shorter form of the same thing in October 2013 and the full form in 2015 and 2016. By January 2019 the signature reads “Alpha Group Capital LLC”83910
Qualification he claims for himself”I am a CFA”, in an April 2017 message setting out what he would need in order to leave the bank4
Range of documents cited here1 March 2010 to 12 February 2019111
How he appears in the fileAs Epstein’s trader and then as his paid outside adviser. The documents cited here run from trade ideas sent to Epstein while Barrett was at J.P. Morgan, through the terms on which he left it, to a provision in Epstein’s trust instruments cancelling what Barrett owed him
A correction this page makesNo document read for this page places Barrett in the employment of Deutsche Bank. His signature block says J.P. Morgan through January 2016, and in February 2019 he writes to Epstein in his own words, “I left JPM”911
Covered elsewhere on this wikiSouthern Financial LLC, the Epstein entity named in the trust clause that concerns him; Darren Indyke and Richard Kahn, the trustees; Deutsche Bank

Trader and investment adviser. Paul Barrett traded for Jeffrey Epstein from 2010 to 2019, and the released files show the relationship changing twice: first from banker to paid outside adviser, then from adviser to debtor. In April 2017 he set out what it would cost Epstein to hire him away from his bank. In July 2017 he named the company that would take the loans. And in three successive trust agreements Epstein directed his trustees to wipe out, at his death, everything Barrett and that company then owed him.111412567

A search of the released files, run for this page on 25 October 2026, finds the words “Paul Barrett” on 6,592 sheets of 5,329 documents, out of 1,425,573 documents and 2,925,025 sheets in all. “Alpha Group Capital” appears on 2,426 sheets of 1,775 documents. “Osborne Lane Capital”, the company he named as the borrower, appears on nine sheets of nine documents in the entire release, and four of those nine are cited below. An invented two-word phrase, searched as a check that the search was working, appears on none.13

This page cites seventeen documents.

What this page is, and what it is not

Nine of the sheets quoted below were fetched as page images and read against the picture of the paper, and where the released text and the paper differ, this page follows the paper and says so in the footnote. The rest are quoted from the released text alone, and each footnote says which.14

Where the producing party has blacked something out, this page does not supply it. One of the messages below carries a covered sending address; this page quotes the body and names no sender from context. One of the trust agreements cited here carries passages the producing party has covered. This page reads only the numbered provision that names Barrett, and makes no statement of any kind about any other provision.

This page makes no allegation and records none. Nothing below is a finding of wrongdoing, and nothing below suggests that Barrett knew of or participated in any conduct of Epstein’s beyond the management of money. It does not cover any document whose subject is a complainant or a survivor. Where a document read for this page touched a private individual who is not its subject, nothing from that passage has been carried across, including names, descriptions and family relations.

Identity numbers, account numbers, telephone numbers and e-mail addresses appearing on these sheets are not reproduced here.

The bank he actually worked for

The report that prompted this page describes Barrett as a Deutsche Bank relationship manager who moved to that bank with Epstein’s account in October 2013. The documents read for this page do not support it.

His own signature block, printed at the foot of his messages to Epstein, reads the same way across six years. In November 2010 it reads “Paul Barrett, CFA / Managing Director / Global Investment Opportunities Group / JPMorgan Private Bank / 40W 57th Street, 33rd Floor, New York, NY 10019”.2 In October 2013, the month the bank change is said to have happened, it still names “Paul Barrett”, “Managing Director” and “Global Investment Opportunities Group” over a “Morgan Private Bank” line, followed by an NMLS registration whose number is not reproduced here.8 In March 2015 and again in January 2016 the same block names, in order, “Managing Director”, “Global Investment Opportunities Group”, “J.P. Morgan Securities LLC”, “J.P. Morgan Private Bank” and “J.P. Morgan Chase Bank N.A.”, at “320 Park Avenue, 14th Floor, New York, NY 10022”.3159

What did happen in October 2013 is that Epstein opened accounts at Deutsche Bank. An internal Deutsche Bank chain of October 2013, enclosing a message dated 18 October 2013, reads: “As you may know, we are in the process of onboarding a new client, Jeffrey Epstein, who has already transferred in $120mm+ liquid across his accounts.” The writer then asks for three exceptions to the bank’s own rules, among them “Using DB POA for entity accounts” and “Approval of Full POA for professional relationship (to agent)”, and closes: “Were meeting with the client tomorrow morning, so we would appreciate if you could please review at some point today.”16

Barrett is not named on either sheet of that chain read for this page. Epstein moved to Deutsche Bank in October 2013; Barrett, on the evidence of his own signature block, did not.

The clearest statement is Barrett’s own, and it comes at the end. Writing to Epstein on 12 February 2019, he says: “It is bad enough that I left JPM b=sed on our agreement and you walked away from our deal leaving me in a tou=h financial situation.”11

March 2010: before the paperwork

The earliest message read for this page is dated 1 March 2010. Barrett sends Epstein a research note on Chinese interest rates with the covering line: “Good caching up. In advance of getting the ISDA signed, here is a sample of trade ideas that we have been doing with clients.”1

An ISDA is the master agreement two parties sign before they can trade derivatives with each other. The sentence places the relationship before its own documentation: Barrett is pitching trades while the agreement that would permit them is still unsigned.

Later that year the trading is live. On 4 November 2010 he reports: “We unwound EURHUF and bought 3MM of BP (at 42.37, up $1 today)”, and recommends currency positions against the dollar.2 On 17 October 2013 he reports a mortgage-bond trade: “We sold the SEMT 2004 Mortgage at 70 (made $86K in 2 weeks). We bought the GMSL 05-A at 92 (base case yield 7.60%)”. Epstein replies, “what is the net profit, on the oil trade if we close today”, and Barrett answers, “on it”.8

By January 2016 Barrett is writing to a third party with Epstein copied, over a distribution alias the released text prints as “Barrett Team”, and the subject is “Ideas Update”: Eurostoxx dividend contracts, a structured note, a high-yield credit tranche, and a position on Middle East currency pegs.9

April 2017: the terms

On the evening of 25 April 2017 a message was sent to Epstein setting out, in eight bullets, what leaving the bank would involve. The sending address is covered on the sheet and this page supplies no sender for it. The message is signed “Paul” on the following sheet, and the reply at the top of the same document, sent the next morning, carries the sender name “Paul Barrett” and reads “Let me check.” above a device line.4

The bullets are logistics until the sixth, which is money. The sheet reads:

“Given I need some taxable income we should structure the payment as a $250K annual fee (paid semi annually) with the balance as the forgivable loan paid upfront. This would be repeated over 3 years. We would need full disclosure of this loan. Some people that I spoke to felt that a loan from a client is not allowed but I double checked with a lawyer and he is going to confirm that it is in fact ok. If for some reason the RIA rules do not allow this then everything will be taxable to me which requires us to go back to the drawing board regarding numbers.”4

Four things in that passage are worth reading slowly, because the writer is doing the reader’s analysis for him.

The fee is only part of it. “The balance as the forgivable loan” means there is a total of which the $250,000 is one component, and the document does not give the total. The writer says what turns on the split: he opens with “Given I need some taxable income”, and warns that if the structure fails “everything will be taxable to me”.

The structure was known to be questionable, and he had already been told so. “Some people that I spoke to felt that a loan from a client is not allowed.” He does not dispute the objection; he answers it with a second opinion that has not yet arrived, from a lawyer who “is going to confirm” the position.

The structure was drafted as recurring. “This would be repeated over 3 years.”

The objection had a name. “RIA rules” are the rules governing a registered investment adviser, the capacity in which he proposed to serve. The paragraph above it says what that required: “LLC setup and SEC registration would take 45-60 days.”4

The other bullets fix the calendar. “Garden leave is 90 days for an MD”. “Over the past 17 years I would have attested to a 12 month non compete. No copies available to me. Given I am not competing with JPM for clients or assets I do not envision any problems.”4

Seventeen years, and the firm he is not competing with is J.P. Morgan.

July 2017: two loans, two companies

By the end of July the structure has names. On 27 July 2017 at 11:00:54 PM EDT, Barrett writes to Darren Indyke, copying Richard Kahn:

“Hi Darren

The LLC that I will be using for the two loans will be OSBORNE LANE CAPITAL LLC.

My garden leave ends on September 17th. So you can make the 1st loan effective any date after that.

I will begin work on the Investment Advisory agreement. I set up ALPHA GROUP CAPITAL LLC for the investments business.”12

Two companies, two functions. One takes the loans. A different one does the advising. He set up both, and in four sentences he tells Epstein’s side which is which.

On 3 August 2017 Richard Kahn forwarded that message to Epstein under the subject line “Paul timing”. The forwarding sheet carries Kahn’s own block, “HBRK Associates Inc., 575 Lexington Avenue 4th Floor, New York, NY 10022”.12

December 2017: what Deutsche Bank was writing down

By late 2017 Barrett is outside the banks and trading Epstein’s money through them. Deutsche Bank was keeping a weekly internal record of it, and the subject line it used was his name.

On 18 December 2017 a Deutsche Bank analyst, Davide Sferrazza, writes to Stewart Oldfield, copying Vahe Stepanian, Xavier Avila, Joshua Shoshan, Martin Zeman and Liam O’Sullivan, under the subject “Paul Barrett / Epstein week of 12/11/17 [C]” and the marking “Classification: Confidential”. Earlier that morning the same chain carried the line: “In addition to the commissions/sales credits for the trades attached, Paul executed another FX forward on Friday that generated ~$3k in revenue.”17

Oldfield asks a question about fees. Sferrazza answers that “DB does not collect the fees”, and the sheet continues: “they are charged by the exchange and are passed on to the SEC for domestic trades, or the relevant party for foreign trades.” Then: “Your question made me notice a mistake on my behalf when I went back to check the fees”, and, after a dash, “please see the attached revised spreadsheet.” He had failed to convert a trade’s commission out of rand; the sheet names the Johannesburg Stock Exchange.17

A second production of the same exchange carries Oldfield’s reply to that correction: “Thanks. That was definitely the # that made me take notice.”18

What the subject line says about the arrangement is the point. The bank’s weekly file on this money is not headed with the name of the account holder alone. It is headed “Paul Barrett / Epstein”, and the two names are the bank’s own pairing of an outside adviser with the client whose trades he directed. Six people are named as recipients, and the sender’s block is Deutsche Bank’s.

In August 2018 the traffic runs the other way: Martin Zeman, one of the names on that weekly chain, sends Barrett an investment deck, copying Oldfield and Sferrazza, and Barrett forwards it to Epstein with four words of his own: “Deutsche showed us this deal.”19

The provision in three trust instruments

Three trust agreements naming Epstein as grantor, all three in the release, carry the same clause about Barrett.

The Jeffrey E. Epstein 2018 Trust, “dated May 8, 2018”, names Darren K. Indyke, Richard D. Kahn and Katheryn H. Ruemmler as trustees. Its numbered provision 26 reads: “Upon my death, my Trustees are directed to distribute to PAUL BARRETT, or his heirs, successors or assigns, an amount equal to the sum of all financial obligations and liabilities then outstanding and due to me … from PAUL BARRETT, and/or any corporation, limited liability company, limited partnership, general partnership, trust or other entity beneficially owned by him immediately prior to my death, including, without limitation, Osborne Lane Capital, LLC, a New York limited liability company”. The funds are “for the sole purpose of being used to repay all such outstanding and due obligations and liabilities”.5

The Jeffrey E. Epstein 2019 Trust, “dated January 18, 2019”, names Indyke and Kahn as trustees and “expressly revokes The Jeffrey E. Epstein 2018 Trust”. Its numbered provision 36 carries the Barrett clause again, in substantially the same words, naming Southern Financial, LLC among the Epstein entities to which the obligations may be owed.6

The Amended and Restated Jeffrey E. Epstein 2019 Trust, “dated February 4, 2019”, carries numbered provision 36 again, in the same words.7

In plain terms, each instrument directs the trustees to pay Barrett whatever Barrett owes, so that he can pay it straight back. The mechanism is set out in the clause itself: the trustees “shall treat the total sum of all such financial obligations and liabilities as having been distributed by the Trust to PAUL BARRETT … and as then having been repaid by PAUL BARRETT … to the Trust in repayment of all such liabilities and obligations due to me”. No money moves. The debt is cancelled.

The company the clause names, Osborne Lane Capital, LLC, is the company Barrett told Darren Indyke in July 2017 he would use “for the two loans”. Indyke, who received that message, is the first-named trustee in all three agreements.

January 2019: “Please can we finalize a new deal”

On 10 December 2018 Barrett writes to Epstein, copying Richard Kahn, under the subject “Follow up”. On 3 January 2019 he writes again: “Have you had any further thoughts on a solution? Again, I am happy to work in any capacity that suits you.”10

On 16 January 2019 he writes a third time:

“Hi Jeffrey

I hope things are well.

Please can we finalize a new deal. Again I am open to anything that would work for you. I still think we can make $300K per year through syndicate which could cover my fee.”10

He then sets out performance in two columns, which are not run together here: against October to December 2017 the figure +$126,000, and against 2018 the figure +$150,000, followed by a parenthesis reading “(Q4 was bad as MS came out with very poor quality deals that all performed poorly)”. Below the columns, in prose, the sheet reads: “Oct 2017 – Sept 2018 which represents a more normalized run rate was +$315K.” He closes by offering to set up fixed-income trading “with MS and GS” and to settle “to your Interactive Brokers account using Alpha Group”. The signature reads “Paul Barrett / Alpha Group Capital LLC / 142 W 57th Street, 11th Floor, New York, NY 10019”.10

The Jeffrey E. Epstein 2019 Trust, whose numbered provision 36 cancels Barrett’s debt, is dated 18 January 2019, two days after that message. Richard Kahn, copied on it and on the December 2018 message below it in the same chain, is one of the trust’s two trustees.106

This page does not assert that the two events are connected. No document read for this page links them, and the sequence is set out here because it is what the dated record shows. The question the sequence raises, and does not answer, is why an adviser asking for a fee agreement to be “finalized” was at the same moment the subject of a standing debt-forgiveness clause in his client’s estate planning.

February 2019: “you walked away from our deal”

The restated trust is dated 4 February 2019. On 12 February 2019 at 8:18 PM, Barrett writes to Epstein, copying Richard Kahn:

“I have been nothing but fair, reasonable and respect=ul with respect to all of our dealings. It is bad enough that I left JPM b=sed on our agreement and you walked away from our deal leaving me in a tou=h financial situation. Please do not make up numbers and tarnish my reputation.”11

The stray equals signs are printed on the sheet itself and are not an artefact of reading it; the footnote records the check.11

Earlier in the same message he disputes a figure Epstein is said to have given a third party: “Since inception net of fees the account is up $1.46=M as of Jan 31st.” That person is not identified here.11

This is the last message from Barrett read for this page, and it is also the latest document in this project’s index marked as sent by him.

What the documents do not say

No document read for this page states the amount of either loan. Barrett wrote “the two loans”; the trust clauses define the sum by formula rather than by figure, as “the sum of all financial obligations and liabilities then outstanding”. Whether the three-year, $250,000-a-year structure he proposed in April 2017 was ever executed in those terms is not established by anything read here.

No document read for this page says whether the loans were repaid, forgiven, or written off. What the trustees did with numbered provision 36 is outside the documents cited here.

No document read for this page shows Barrett employed by Deutsche Bank, and his own words in February 2019 are that he left J.P. Morgan.

This page could not establish any weekly reporting on Epstein before December 2017. The phrase “Epstein week of” appears in the released files on 31 sheets of 25 documents; the earliest dated instance of the Deutsche Bank reporting chain read for this page is 18 December 2017, concerning the week of 11 December 2017. A search of the released files returns earlier sheets carrying that phrase. The one examined for this page is not a report of any kind and does not mention Barrett.1317

Of the 140 sheets making up the seventeen documents cited here, this page read 25 and did not read 115. The trust instruments in particular are long, and this page read four of the 34 sheets of one, two of the 29 of another and two of the 36 of the third. What the unread sheets contain is unknown to this page, and a reader working on Barrett should not treat the account above as exhausting them.

Footnotes

  1. “Sample of what we have been doing”, Monday 1 March 2010, sender field printing “Paul S Barrett”, five sheets, one read (EFTA00763230 p. 1). Carries “Good caching up. In advance of getting the ISDA signed, here is a sample of trade ideas that we have been doing with clients.” The spelling “caching” and the words “reign in” lower down are the sheet’s and are not corrected here. Declarative. Quoted from the released text; the page image was not fetched for this document. Sheets 2 to 5 were not read. ↩ ↩2 ↩3 ↩4

  2. “Update”, Thursday 4 November 2010, sender field printing “Paul S Barrett”, one sheet (EFTA00752389 p. 1). Carries “We unwound EURHUF and bought 3MM of BP (at 42.37, up $1 today)” and the signature block “Paul Barrett, CFA / Managing Director / Global Investment Opportunities Group / JPMorgan Private Bank / 40W 57th Street, 33rd Floor, New York, NY 10019”. The released text prints the street as “40W 57th Street”; it is given above as “40 W 57th Street” only in the body sentence that does not quote it, and the quotation here is the sheet’s. The telephone and fax lines of the block print as empty labels on the sheet and nothing is supplied into them. Quoted from the released text; the page image was not fetched for this document. ↩ ↩2 ↩3

  3. “RE:”, Friday 16 January 2015, sender field printing “Barrett, Paul S”, one sheet (EFTA00866472 p. 1). The signature block is cited above for the firm name only. The released text of this sheet renders the firm’s initials inconsistently, printing ”■. Morgan Securities LLC”, “Morgan Private Bank” and “M. Morgan Chase Bank” where the next sheet quoted below prints “J.P. Morgan”; the body above therefore quotes the fuller rendering from the March 2015 and January 2016 sheets and not from this one. Quoted from the released text; the page image was not fetched for this document. ↩ ↩2 ↩3

  4. “Re: Update”, Wednesday 26 April 2017, sender field printing “Paul Barrett”, two sheets, both read (EFTA00710363 pp. 1 and 2, neither of which prints a Bates stamp at its foot). Read at the page image, fetched 25 October 2026; an invented identifier requested as a control was refused, this document returned, and its two sheets reconcile with the two sheets this project holds. The bulleted message quoted above is the innermost message of the chain, timed on the sheet as “On Tue, Apr 25, 2017 at 9:33 PM”; its sending address is covered on the sheet and this page supplies no sender for it. It opens “Hi Jeffrey” and is signed “Paul” at the head of p. 2, above a confidentiality notice; the signature and the body are given above as one message and the confidentiality notice is not joined to them. The covering reply at the top of p. 1 carries the sender name “Paul Barrett” and reads “Let me check.” The two quotations in the body, the fee bullet and the employment bullets, are separate bullets of one list and are quoted separately. At the image the fee bullet reads “$250K”, the dollar sign printed and not inferred. The sheet carries two further sentences which this page does not reproduce, describe or allude to, and which concern someone who is not its subject. Checked at the image: the released text and the paper agree on every word quoted above. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  5. “JEFFREY E. EPSTEIN 2018 TRUST”, twenty-nine sheets, two read (EFTA00099449 p. 1 and p. 7). p. 1 reads “THIS TRUST AGREEMENT dated May 8, 2018 (‘Agreement’), by and among JEFFREY E. EPSTEIN, as Grantor (the ‘Grantor’), and DARREN K. INDYKE, RICHARD D. KAHN, and KATHERYN H. RUEMMLER, as Trustees (the ‘Trustees’)”; the spelling “KATHERYN” is the sheet’s. p. 7 carries numbered provision 26, quoted above with one internal ellipsis marking an elided list of entity types. This page reads provision 26 only. The sheet carries other numbered provisions and this page makes no statement about any of them. p. 7 also prints the stamp GJ 000435. Quoted from the released text; the page image was not fetched for this document. Twenty-seven sheets were not read. ↩ ↩2 ↩3

  6. “JEFFREY E. EPSTEIN 2019 TRUST”, thirty-four sheets, four read (EFTA00098341 p. 1, whose foot prints the stamp GJ_00069, and p. 9; pp. 8 and 10 were also read and nothing from them is used). Read at the page image, fetched 25 October 2026 against a failing control; thirty-four sheets, reconciling with this project’s index. Only pp. 1 and 9 were looked at as pictures. p. 1 reads “THIS TRUST AGREEMENT dated January 18, 2019 (‘Agreement’), by and among JEFFREY E. EPSTEIN, as Grantor (the ‘Grantor’), and DARREN K. INDYKE and RICHARD D. KAHN, as Trustees (the ‘Trustees’)” and “The Grantor hereby expressly revokes The Jeffrey E. Epstein 2018 Trust previously created by him”. p. 9 carries numbered provision 36, quoted above; checked word for word at the image against the released text, which agrees. The elision marked in the body quotation of provision 26 is not needed here and provision 36 is quoted in parts, each part continuous on the sheet. p. 9 also prints the stamp GJ_00077. This page reads provision 36 only. The sheet carries other numbered provisions and this page makes no statement of any kind about any of them. Thirty sheets were not read. ↩ ↩2 ↩3 ↩4

  7. “AMENDED AND RESTATED JEFFREY E. EPSTEIN 2019 TRUST”, thirty-six sheets, two read (EFTA01266168 p. 1 and p. 9). p. 1 reads “THIS AMENDED AND RESTATED TRUST AGREEMENT dated February 4, 2019 (‘Agreement’), by and among JEFFREY E. EPSTEIN, as Grantor (the ‘Grantor’), and DARREN K. INDYKE and RICHARD D. KAHN, as Trustees (the ‘Trustees’)”. p. 9 carries numbered provision 36 in the same words as the 18 January 2019 instrument. p. 9 also prints the stamps SONY_GM_00007720 and EFTA_00120392. This page reads provision 36 only and makes no statement about any other provision. Quoted from the released text; the page image was not fetched for this document. Thirty-four sheets were not read. ↩ ↩2 ↩3

  8. “RE: Done on…”, Thursday 17 October 2013, sender field printing “Barrett, Paul S”, two sheets, one read (EFTA00675725 p. 1). Carries “We sold the SEMT 2004 Mortgage at 70 (made $86K in 2 weeks). We bought the GMSL 05-A at 92 (base case yield 7.60%)”, Epstein’s reply “what is the net profit, on the oil trade if we close today”, and Barrett’s “on it”. The three quotations are three separate messages in one chain and are given separately above; they are not run together. The signature block prints “Paul Barrett I Managing Director I Global Investment Opportunities Group” over a line reading “Morgan Private Bank” and a line reading “NMLS”; the vertical bars of the original print as the letter I in the released text, the firm’s initials are partly dropped, and the registration number following “NMLS” is not reproduced here. Quoted from the released text; the page image was not fetched for this document. Sheet 2 was not read. ↩ ↩2 ↩3

  9. “Ideas Update”, Friday 15 January 2016, sender field printing “Barrett, Paul S”, two sheets, one read (EFTA00836509 p. 1). Addressed to a third party with Epstein copied and with a distribution alias the released text prints as “Barrett Team”. Carries four headed items, “Eurostoxx 50 Dividends”, “Eurostoxx 50 Structure”, “CDX High Yield Tranche” and “Middle East peg breaks”, and the signature block “Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private Bank I J.P. Morgan Chase Bank N.A. / 320 Park Avenue, 14th Floor, New York, NY 10022”. The vertical bars of the original print as the letter I in the released text. Quoted from the released text; the page image was not fetched for this document. Sheet 2 was not read. ↩ ↩2 ↩3 ↩4

  10. “RE: Follow up”, Wednesday 16 January 2019, sender field printing “Paul Barrett”, three sheets, one read in full and two read only at their foot (EFTA01026968 p. 1, which prints no Bates stamp at its foot). Read at the page image, fetched 25 October 2026 against a failing control; three sheets, reconciling with this project’s index. Only p. 1 was looked at as a picture; pp. 2 and 3 were read from the released text alone. Addressed to Epstein and copying Richard Kahn. Carries “Please can we finalize a new deal. Again I am open to anything that would work for you. I still think we can make $300K per year through syndicate which could cover my fee. We made:”, then the three lines quoted above, then “On a separate note I have also set up fixed income trading capabilities with MS and GS. So we can trade through them and settle everything to your Interactive Brokers account using Alpha Group.” Signed “Paul Barrett / Alpha Group Capital LLC / 142 W 57th Street, 11th Floor, New York, NY 10019”. The quoted block above ends at “could cover my fee” and the figures are given separately, because they are set out on the sheet as a table and not as prose. The two earlier messages quoted, of 10 December 2018 and 3 January 2019, are lower in the same chain: the foot of p. 1 carries “Hi Jeffrey, / Happy New Year. / Have you had any further thoughts on a solution? Again, I am happy to work in any capacity that suits you.”, and the foot of p. 2 carries the header of the 10 December 2018 message. At the image the dashes in “Oct – Dec 2017” and “Oct 2017 – Sept 2018” are the sheet’s own and the dollar figures print with their dollar signs. ↩ ↩2 ↩3 ↩4 ↩5

  11. Message of Tuesday 12 February 2019 at 8:18 PM, sender field printing “Paul Barrett”, one sheet (EFTA02631350 p. 1; the sheet also prints EFTA_R1_01851730). Read at the page image, fetched 25 October 2026 against a failing control; one sheet, reconciling with this project’s index. Addressed in its body to “Jeffrey,” and copied to Richard Kahn; the recipient field on the sheet prints only the letter J, the body’s salutation reads “Jeffrey,” and no address is supplied here. The stray equals signs inside the quotations are printed on the paper itself and are not an artefact of the automated reading: the paper reads “respect=ul”, “b=sed” and “tou=h”, and the figure prints as “$1.46=M”. The released text instead renders the first of these as respectrul, reading the equals sign as the letter r, and the body above follows the paper. A third party is named by first name on this sheet. That person is not named, described or identified here, and nothing is inferred about who they are. Declarative; the quoted passage ends at “tarnish my reputation.” The index of this project dates this document a day later than the sheet does; the sheet’s own date is used above. ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7

  12. “Paul timing”, Thursday 3 August 2017, sender field printing “Richard Kahn”, one sheet (EFTA00633353 p. 1, which prints no Bates stamp at its foot). Read at the page image, fetched 25 October 2026 against a failing control; one sheet, reconciling with this project’s index. The sheet is Kahn’s forward to Epstein; the quoted message is the enclosure, headed on the sheet “Begin forwarded message: / From: Paul Barrett / Subject: Loan Document / Date: July 27, 2017 at 11:00:54 PM EDT / To: Darren Indyke / Cc: Richard Kahn”. The body of the forward and the body of the enclosure are not run together above. The enclosure’s recipients’ addresses are covered on the sheet. At the image the two company names are printed in capitals as quoted, and “September 17th” and “1st” carry superscript endings. One difference between the paper and the released text: the released text renders the forwarding header’s address field as a run of mangled characters where the paper shows a covered field. Kahn’s block reads “Richard Kahn / HBRK Associates Inc. / 575 Lexington Avenue 4th Floor / New York, NY 10022”; the telephone, fax and mobile lines below it are covered on the sheet. ↩ ↩2 ↩3

  13. Word searches of the released files, run for this page on 25 October 2026. “Paul Barrett” appears on 6,592 sheets of 5,329 documents; “Alpha Group Capital” on 2,426 sheets of 1,775 documents; “Osborne Lane Capital” on nine sheets of nine documents; “Epstein week of” on 31 sheets of 25 documents. An invented two-word phrase, searched as a check that the search itself was working, appears on none, and a control phrase expected to appear everywhere returned 496,426 documents. The files searched hold 1,425,573 documents across 2,925,025 sheets. These count sheets on which the words are printed, not events: a message quoted back inside a reply is counted twice, and a document released twice is counted twice. Separately, 1,443 documents in this project’s own index are marked as sent by Paul Barrett, the earliest dated 1 March 2010 and the latest 13 February 2019. That last figure describes this project’s index and not the producing party’s record, and the index’s date for the final document is a day later than the date printed on the document itself. ↩ ↩2

  14. Page images were fetched on 25 October 2026 for six of the seventeen documents cited: EFTA00710363, EFTA00633353, EFTA01420332, EFTA01026968, EFTA00098341 and EFTA02631350. On each occasion an invented identifier was requested first as a control and was refused, and the real identifier then returned a document whose sheet count matched this project’s index. Nine sheets in all were looked at as pictures of the paper: both sheets of EFTA00710363, the single sheets of EFTA00633353 and EFTA02631350, both sheets of EFTA01420332, the first sheet of EFTA01026968, and the first and ninth sheets of EFTA00098341. The remaining sheets of those six documents, and every sheet of the other eleven documents cited, were not looked at as pictures, and nothing above is asserted about their paper beyond what the released text gives. That is a statement about what was fetched for this page, not about what was or was not released. ↩

  15. “RE: Hi - can you call in”, Thursday 19 March 2015, sender field printing “Barrett, Paul S”, two sheets, one read (EFTA00641537 p. 1). Carries the signature block “Paul Barrett I Managing Director I Global Investment Opportunities Group I 3.P. Morgan Securities LLC / 3.P. Morgan Private Bank 13.P. Morgan Chase Bank N.A. / 320 Park Avenue, 14th Floor, New York, NY 10022”. The digit 3 stands where the released text has misread the letter J, and the stray 1 before the third firm name stands where a vertical bar divides the fields. The body above gives the block with those two artefacts resolved to “J.P.” and to a divider, and does not present that reading as a quotation of this sheet. Quoted from the released text; the page image was not fetched for this document. Sheet 2 was not read. ↩

  16. Power-of-attorney and exception-request package, Deutsche Bank, October 2013, sixteen sheets, two read (EFTA00169398 p. 1 and p. 11). The quoted message is an internal chain enclosing a message dated 18 October 2013; the forwarding date prints on the sheet as a damaged string and no forwarding date is asserted here; the quotations above are taken from the covering message only and are not joined to the enclosed one. It carries “As you may know, we are in the process of onboarding a new client, Jeffrey Epstein, who has already transferred in $120mm+ liquid across his accounts”, the numbered items “1) Using DB POA for entity accounts” and “2) Approval of Full POA for professional relationship (to agent) - requires BSO Approval”, and “Were meeting with the client tomorrow morning, so we would appreciate if you could please review at some point today.” The missing apostrophe in “Were meeting” is the sheet’s. The sheet also names bank staff and household staff; nothing about those individuals is carried across to this page. Barrett is not named on either sheet read. Quoted from the released text; the page image was not fetched for this document. Fourteen sheets were not read. ↩

  17. “RE: Paul Barrett / Epstein week of 12/11/17 [C]”, Monday 18 December 2017, two sheets, both read (EFTA01420332 pp. 1 and 2, neither of which prints a Bates stamp at its foot). Read at the page image, fetched 25 October 2026 against a failing control; two sheets, reconciling with this project’s index. From Davide-A Sferrazza to Stewart Oldfield, copying Vahe Stepanian, Xavier Avila, Joshua Shoshan, Martin Zeman and Liam O’Sullivan; recipients’ addresses are covered on the sheet. Marked “Classification: Confidential”. p. 1 carries “DB does not collect the fees — they are charged by the exchange and are passed on to the SEC for domestic trades, or the relevant party for foreign trades” and “Your question made me notice a mistake on my behalf when I went back to check the fees — please see the attached revised spreadsheet.” Both sentences are broken by a dash printed on the sheet. The body above quotes each side of the dash separately rather than joining the halves or replacing the sheet’s punctuation. p. 2 carries “In addition to the commissions/sales credits for the trades attached, Paul executed another FX forward on Friday that generated ~$3k in revenue”, and carries the subject line “Paul Barrett / Epstein week of 12/11/17 [C]” over the recipient list. A difference between the paper and the automated reading, recorded here because the figure is quoted above: the paper prints a tilde before the dollar sign, and the released text renders that tilde as a dash, —$3k. The figure on this page is the image’s. The sheet also sets out a correction to a fee figure; the figures are not reproduced above because, as printed, they do not reconcile arithmetically, and this page does not guess at which of them is wrong. Sferrazza’s block reads “Davide Sferrazza / Analyst I Key Client Partners / Deutsche Bank Securities, Inc. / Deutsche Bank Wealth Management / 345 Park Avenue, 10154-0004 New York, NY, USA”. ↩ ↩2 ↩3

  18. “RE: Paul Barrett / Epstein week of 12/11/17 (C)”, Monday 18 December 2017, one sheet (EFTA01386327 p. 1). The same exchange captured in a separate production, carrying Oldfield’s reply, quoted above: “Thanks. That was definitely the # that made me take notice.” The sheet also carries a separate, later message reading “Good eye — thank you for catching”; that is a different message in the chain and is not quoted above and not joined to Oldfield’s. The sheet also prints the stamps SDNY_GM_00234158 and a hyphenated SDNY number. Quoted from the released text; the page image was not fetched for this document. ↩

  19. “FW: Wheel Tug- Investor Summary”, Friday 24 August 2018, sender field printing “Paul Barrett”, two sheets, one read (EFTA01007577 p. 1). Carries Barrett’s covering line to Epstein, “Deutsche showed us this deal. Let me know if you have any interest and I will get more information”, above an enclosed message of 22 August 2018 from Martin Zeman copying Stewart Oldfield and Davide-A Sferrazza. The covering line and the enclosure are not joined above, and the enclosure’s promotional claims about the company are not reproduced or endorsed here. Quoted from the released text; the page image was not fetched for this document. Sheet 2 was not read. ↩

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