Cash Moves: How a Lawyer Explained Big Withdrawals

The lawyer for the late financier spoke before Congress, saying his client needed large amounts of cash to keep many homes running. He mentioned houses in New York, Florida, New Mexico, Paris and the U. S. Virgin Islands. The money was used for things like repairs, daily supplies, gifts and fuel for private planes. He also explained that the banker JPMorgan stopped working with the client in 2013. Because of this, the lawyer had to take out big cash sums between 2013 and 2017. Documents released by the Justice Department show credit card charges from that period, but also a good credit score of over 750 from 2011 to 2017. A bank representative said nothing, and the lawyer’s own attorney did not reply. The client died in jail in 2019 while waiting for a trial on serious charges.Back in 2008, the client had pleaded guilty to smaller sexual crimes after young women said he paid them cash for massages that turned into abuse. Lawyers for the victims of those crimes told banks to watch large withdrawals after that conviction, arguing it helped the client continue illegal activity. JPMorgan settled a lawsuit with victims for $290 million after cutting ties. Another bank, Deutsche, paid $75 million in a separate settlement when the client moved his money there. The lawyer said he never tried to hide the cash moves and did not think the money was used for bad things. He added that people who worked with the client also had access to his accounts and took out cash, including an accountant and another employee. He described the client as living two separate lives—one public and one private that hurt many people—and claimed he was unaware of the private actions until after the client’s death.