Jeffrey Epstein’s private wealth banker, who brokered and signed off on untold multiple millions of dollars in controversial Deutsche Bank and Citibank loans spanning two decades for the convicted pedophile, has died from a reported suicide.
The news of yet another mysterious Epstein-linked death comes shortly after the FBI was seeking to interview the bank executive about loans he approved for Epstein and the indicted child trafficker’s labyrinth of US-based and offshore companies.
The Los Angeles County Medical Examiner confirmed Thomas Bowers died by an apparent suicide by hanging at his home before Thanksgiving.
Epstein likewise died from a reported suicide by hanging, according to the New York City Medical Examiner.
Bowers headed the private wealth banking division for Deutsche Bank and signed off on millions in loans to Epstein. Bowers, prior to taking over the private banking arm at Deutsche Bank, served in the same top position at Citibank, as the head of the bank’s private wealth arm. Citigroup also made massive loans to Epstein, according to records and banking sources who spoke to True Pundit.
True Pundit founder Mike “Thomas Paine” Moore previously headed anti-money laundering for a major Citigroup division during the time frame Citi commenced large loans to Epstein.
“The loans to Epstein were personal and commercial,” Paine confirmed. “The Citi loans I can confirm were for more than $25 million. Some were secured, some were not.”
Did Citi bend its lending rules for Epstein? Paine said that appears “quite likely,” with Bowers and other Citi executives he later recruited to work for him at Deutsche all working to secure the approvals regardless of compliance-related red flags.
And sources said Citi loaned Epstein much more money, eclipsing $100 million and also allowed Epstein to use the bank to send thousands of wire transfers from his accounts. Bowers, who turned up dead just days ago, brokered the loans for Epstein, sources said.
Bowers was the chief of Deutsche Bank’s Private Wealth Management division and worked from the bank’s Park Avenue offices in New York City. At Citi, Bowers served as the chief of the The Citi Private Bank and previously ran Citigroup’s Global Markets and Wealth Management businesses.
And when Bowers left Citi for Deutsche Bank, Epstein followed.
Meanwhile, Epstein stopped making payments on his millions in outstanding Citi loans. But that mattered little because Bowers approved new high-risk loans and credit lines from Deutsche Bank, sources said.
And that relationship with Epstein continued until Bowers left Deutsche Bank in 2015. By that time, Epstein had chalked up untold millions in loans with the help of Bowers who recruited many of his top private wealth top bankers from Citi to Deutsche Bank.
The FBI who was interested in interviewing Bowers, sources confirm. The FBI subpoenaed Deutsche Bank in May for all loans and accounts linked to Epstein and there were many unanswered questions. Deutsche Bank closed out Epstein’s accounts weeks after the bank was served federal subpoenas.
Federal law enforcement officials said the FBI planned to interview all Wall Street wealth fund managers who worked for Epstein. Bowers included.
How much money did Deutsche broker for Epstein? That number to this point has proven elusive. The FBI is not talking, but one executive divulged Epstein had secured more than $60 million from Deutsche Bank’s U.S. and German arms. Likely that number is larger, but at this point the bank is keeping its exposure quiet.
Just like Bowers had brokered for Epstein at Citi, Deutsche also set the convicted pedophile up with over a dozen bank accounts that Epstein employed to receive and send wires and funds.
One banking executive said Bowers had visited Epstein on his private island at least once. Bowers had also visited Epstein in New York and attended social events at his mansion. Federal law enforcement sources did not comment about these new revelations. However, Citi executives who worked with Bowers said the bank executive maintained an active night life and enjoyed the party circuit.
Epstein also helped bring in a plethora of new business from wealthy associates to Bowers at both Deutsche Bank and Citi, sources said.
“Epstein made Bowers and his financial institutions hundreds of millions of dollars,” one executive said. “It really didn’t even matter that Epstein stiffed Citi for $30 million in defaults because he brought so much new money, new blood in. Citi made far more than it lost.”
Seems like a pattern. The American Banker reports:
Epstein brought lucrative clients into JPMorgan’s private-banking unit and was close to former head Jes Staley, who visited Epstein’s private island as recently as 2015. Leon Black, Apollo Global Management’s billionaire chairman, met with the financier from time to time at the company’s New York offices, and used Epstein for tax and philanthropic advice.
Police reportedly found Bowers hanging from a rope in his California home.
He was 55.
Previous press releases detailing Bowers’ role with the private wealth arm of Deutsche, detailed the division and its target clientele:
Deutsche Bank Private Wealth Management has been serving the interests of wealthy individuals, families and select institutions for more than a century. With offices across the U.S., Deutsche Bank’s Private Wealth Management business division provides a variety of customized solutions to private clients worldwide including traditional and alternative investments, risk management strategies, lending, trust and estate services, wealth transfer planning, family office services, custody and family and philanthropy advisory. Private Wealth Management includes the U.S. Private Bank and Deutsche Bank Alex. Brown, the private client services division of Deutsche Bank Securities Inc., the investment banking and securities arm of Deutsche Bank AG in the United States and a member of NYSE, FINRA and SIPC.
This story is developing.
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