Former JPMorgan Chase top executive and Ex-Barclays CEO Jes Staley is facing a lifetime ban from senior roles in financial services, as well as a 1.8 million pound ($2.21 million) fine by UK’s Financial Conduct Authority (FCA).
The ban and the fine are for allegedly misleading the FCA over his relationship with Jeffrey Epstein.
Reuters reported:
“‘The FCA has found that Mr Staley recklessly approved a letter sent by Barclays to the FCA, which contained two misleading statements, about the nature of his relationship with Jeffrey Epstein and the point of their last contact’, [the FCA] said.”
Staley said that he was “very disappointed” by the FCA’s decision, and that he would continue to challenge it in court.
The Financial Conduct Authority is a financial regulatory body in the United Kingdom. It operates independently of the UK Government.
“‘If I had known who JE really was, there is absolutely no doubt that I wouldn’t be in the position I am in today’, he said in a statement issued by his law firm Arnold & Porter.”
The FCA findings are provisional, as Staley is appealing.
After considering the FCA’s findings, British Bank Barclay’s remuneration committee had decided that Staley should be ineligible for or forfeit bonuses and long-term incentives totaling 17.8 million pounds.
FCA: “‘We consider that [Staley] misled both the FCA and the Barclays Board about the nature of his relationship with Mr. Epstein’, said Therese Chambers, FCA joint executive director of enforcement and market oversight.”
In 2019, the FCA asked Barclays to explain what were the measures undertaken to assure itself that there was no impropriety in the relationship between Staley and Epstein.
“‘In its response, Barclays relied on information supplied by Mr Staley. Mr Staley confirmed the letter was fair and accurate’, the FCA said. ‘In reality, in emails between the two Mr Staley described Mr Epstein as one of his ’deepest’ and ’most cherished’ friends’, it added.”
The letter sent to FCA also misrepresented Staley’s contact with Epstein. Staley had been in contact with Epstein up to the days leading up to his appointment as Barclay’s CEO.
FCA argues that Staley ‘was aware of the risk that his association with Mr Epstein posed to his career’.
Staley and Epstein discussed Barclays’ approach to him for the CEO role multiple times between July and October 2015, as the two men exchanged almost 600 emails.
During discovery and pretrial motions in the now-settled lawsuit against JPMorgan Chase moved by the US Virgin Islands Territory Government, the links between Jes Staley and Jeffrey Epstein became painfully clear, and there was even testimony by one of Epstein’s trafficking victims alleging Staley violently raped her – which he denies.
JP Morgan Chase moved to sue him, trying to make him liable for any damages they’d incur.
America’s largest bank has now reached a confidential settlement with Staley, who they blamed for keeping Epstein as a client.
JP Morgan also agreed to pay $75 million to the U.S. Virgin Islands to settle the claims that it aided Epstein’s sex trafficking, but did not admit any wrongdoing.
In response to the FCA-released 79-page dossier outlining its extensive three-year investigation, Staley released a statement provided by his lawyers.
“I have worked tirelessly over the last 43 years and have genuinely supported many people/social causes, where others might not have done so. I am very disappointed by the FCA’s decision, and I will continue to challenge it. I will not comment any further until these proceedings are concluded.”
Read more about Jes Staley:
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