THE GERMAN FINANCIAL NETWORK: Deutsche Bank, Post-Conviction Deal-Making, and the Institutional Pipeline
Classification: Forensic Investigation Report
Date: February 25, 2026
Database: full_text_corpus.db (1,385,879 documents, 2,770,154 pages)
EXECUTIVE SUMMARY
The Epstein corpus contains 37,756 documents mentioning Deutsche Bank — more than any other financial institution. This report examines the German institutional infrastructure that supported Epstein's post-conviction financial operations: Deutsche Bank as his primary bank (2013-2019), a failed attempt to insert himself into the Sal. Oppenheim bank rescue (August 2009), a €150 million steel financing pitch from a German industrial dynasty (September 2009), and connections to the Max Planck Society through a Nobel laureate.
The Deutsche Bank relationship is already partially public through the NYDFS consent order (July 2020) and subsequent reporting. This report focuses on what the corpus adds beyond the public record: internal trading emails, KYC compliance failures around the previously unexamined Prytanee LLC entity, a $150,000 wire from the Butterfly Trust to Epstein's last girlfriend routed through Deutsche Bank's Eschborn operations center, €30 million in currency options executed while compliance was still incomplete, and the full text of the Sal. Oppenheim and Scholz Edelstahl deal-making threads — neither of which has been previously reported.
What is NOT in the corpus: Zero German politicians. No Jens Spahn, no Friedrich Merz, no AfD figures, no Ursula von der Leyen beyond generic WEF attendee lists. German search traffic to our site is looking for political connections that do not exist. What exists instead is an institutional financial pipeline.
PART I: DEUTSCHE BANK — THE INSTITUTIONAL RELATIONSHIP
A. The Team
Deutsche Bank's Epstein relationship was managed by a team of at least twelve employees across New York, London, Mumbai, and Eschborn. The NYDFS consent order publicly named Paul Morris as the relationship manager who onboarded Epstein in 2013, and Reuters named Stewart Oldfield as the later RM. The corpus reveals the full team:
| ------ | ------- | ------ | -------- |
| Paul Morris | Managing Director, DB Private Bank | Onboarded Epstein (2013); projected "$100-300M overtime...w/ revenue of $2-4M annually" | EFTA01424858 |
| Charles "Chip" Packard | Co-Head (departed by 2018) | ExCo approval for Epstein accounts; "involved in the decision to onboard...as well as the decision to maintain the relationship after concerns were raised in January 2015" | EFTA00016422, EFTA01421293 |
| Stewart Oldfield | Director, Wealth Management, 345 Park Ave | Relationship manager (2016-2019); handled day-to-day account management | EFTA01420840, EFTA01421621 |
| Tazia Smith | Director, Key Client Partners, DB Securities Inc., 345 Park Ave 26th Floor | Markets coverage; traded Apple options and European equities for Epstein | EFTA01754567, EFTA01755103 |
| Armen Brash | Director, Wealth Management | KYC case management for Southern Financial | EFTA01423566 |
| Zbynek "Ziggy" Kozelsky | Director, Branch Admin Manager, DB Securities Inc., 345 Park Ave 26th Floor | Account administration; Canyon/AIS investment requests | EFTA01421867 |
| Vijay Sawant | KYC Case Representative, Deutsche CIB Centre, Mumbai | Remote KYC remediation | EFTA01421293 |
| Aparna Shrivastava | Authorised Signatory, DB AG London Branch | Signed ISDA currency option confirmations | EFTA01423292 |
These are banking professionals performing their institutional roles. The question is what the institution knew and when.
B. What Deutsche Bank Knew: January 2015
The NYDFS consent order established that concerns about Epstein were raised in January 2015 and that the Americas Reputational Risk Committee met — with no minutes taken, violating bank policy. The corpus provides the other side of this story.
Akin Gump's December 24, 2019 letter to the SDNY (EFTA00016422) explicitly states that the person who served as Co-Head from 2013 to 2016 "was involved in the decision to onboard Mr. Epstein as a client, as well as the decision to maintain the relationship after concerns were raised in January 2015." This confirms that maintaining the Epstein relationship after concerns were raised was a deliberate institutional choice, not an oversight.
C. Prytanee LLC: The Art Investment Entity
The KYC remediation thread for Prytanee LLC (EFTA01421293, 24 pages) reveals an entity that has received minimal public analysis despite appearing in USVI court filings.
What the corpus reveals: Prytanee LLC was an art investment entity under the Southern Financial umbrella. Its co-investor was
Caroline Lang, identified in the KYC documents as Chairman of Sotheby's Switzerland, with an annual income of approximately $450,000. The entity had a projected balance of $1 million but held only approximately $200,000.
The compliance struggle was acute. Deutsche Bank's Mumbai-based KYC team requested "refreshed ExCo approval" to complete remediation, but the original ExCo approval document — signed by Chip Packard and Patrick Campion — could not be located in full. The AML team questioned whether it "actually refers to Epstein's jail sentence." The Certificate of Good Standing could not be found in the USVI corporate registry.
Bradley Gillin's response to the compliance queries was dismissive. In a November 2016 email chain, he wrote: "This is hysterical...Still laughing" about the KYC questions. When asked about missing documentation for an existing account, he wrote: "Do we really need this for an existing account?" (EFTA01421293).
The KYC narrative for Southern Financial, the parent entity, explicitly acknowledged Epstein as a "registered sex offender" convicted of "soliciting an underage girl for prostitution" — yet accounts continued to be opened and maintained.
D. Trading: Apple Options and European Equities
Tazia Smith, Director of Key Client Partners at Deutsche Bank Securities, managed Epstein's trading activity. Handelsblatt reported on a Deutsche Bank manager's enthusiasm for Epstein business; Smith's trading emails provide the operational detail.
October 2013 — Apple Options (
EFTA01754567): Smith and Epstein discussed options strategies on Apple stock. Epstein wrote:
"no, with apple lets write an out of the money." Smith managed the position — approximately $1,060,000 in Apple shares and options (2,000 shares at ~$530).
November 2013 — ECB Rate Cut (
EFTA01755103): Following the European Central Bank's surprise rate cut, Smith emailed Epstein (CC'd Harry Beller):
"The ECB cut interest rates to 0.25% today — a surprise to many. We expect continued easing from the ECB and further downward pressure on the Euro." She recommended a European equity basket including JCDecaux SA. The email also monitored Epstein's BRL (Brazilian Real) step-up notes at JP Morgan — indicating Deutsche Bank had visibility into Epstein's positions at other institutions.
September 2014 (
EFTA02097982): Smith coordinated a "DB Call Mon 9am EST" involving London-based colleagues.
E. €30 Million in Currency Options While KYC Remained Incomplete
In May 2018, Deutsche Bank AG London Branch executed two ISDA currency option confirmations with Southern Financial LLC:
EUR Put/USD Call (EFTA01423292): EUR 20,000,000 notional, strike 1.160, premium $36,000 paid by DB to Southern Financial. Signed by Aparna Shrivastava, DB AG London Branch.
EUR Put/USD Call (EFTA01423300): EUR 10,000,000 notional, strike 1.150, premium $11,750 paid by Southern Financial.
Together, these formed a risk reversal or collar structure on EUR/USD with tens of millions of euros in notional exposure — executed through Deutsche Bank's London Branch for an account whose KYC compliance was, at that same time, the subject of an ongoing 24-page remediation thread in which basic corporate documents could not be located.
The DB Management Board at the time of execution included John Cryan (Chairman), Christian Sewing, and others listed in the ISDA confirmations.
F. The Butterfly Trust Wire: $150,000 to Karyna Shuliak
On February 5, 2019 — five months before Epstein's arrest — a $150,000 wire transfer was initiated from the Butterfly Trust (account 0044130552 at Deutsche Bank) to JPMS LLC (JP Morgan Securities), for further credit to Karyna Shuliak (account 03603923) (EFTA01421199).
Shuliak was Epstein's last known girlfriend. The wire failed due to a format validation error in the SWIFT messaging system, was flagged by Deutsche Bank's Global Messaging Operations center in Eschborn, Germany (Alfred-Herrhausen-Allee 16-24, 65760 Eschborn), and had to be reversed and resubmitted.
The Butterfly Trust was the entity identified in the NYDFS consent order as having transferred $2.65 million in wires to beneficiaries (2014-2018), including women with Eastern European surnames, plus over $7 million in settlement payments to law firms and over $6 million in legal expenses.
G. Wires Through the German Operations Center
Multiple Epstein wire transfers were processed through Deutsche Bank's Global Messaging Operations center in Eschborn, a suburb of Frankfurt. This is standard for Deutsche Bank's wire infrastructure — Eschborn handles SWIFT message formatting — but it means Epstein's financial activity routinely touched German soil.
Mercedes-Benz Paris (
EFTA01366155,
EFTA01420840): A 10,000 EUR wire sent February 15, 2019 from Epstein's personal DB account to Mercedes-Benz Paris via Societe Generale. The wire was returned; a months-long tracing effort involving Brigid Macias (DB), Bella Klein (Epstein staff), and Mercedes-Benz Paris accounting staff ensued. Language barriers (the Mercedes staff spoke only French) complicated recovery.
Warren Power and Machinery (
EFTA01421442): An October 2017 wire from LSJE, LLC (a checking account for daily expenses of one of Epstein's residences) to Warren Power and Machinery LP (DBA WarrenCat, a Caterpillar equipment dealer). Cynthia Rodriguez at DB wrote:
"Why was this wire canceled? This wire must go out today." Also processed through Eschborn.
H. "Several Billion in Assets"
On July 9, 2019, three days after Epstein's arrest, Matthew Goldstein of The New York Times emailed the SDNY (EFTA00018401):
"So we have been told that Deutsche Bank controls several billion in assets belonging to Financial Trust Company on behalf of Epstein's customers. We are told that up until his arrest Epstein was trading currencies through Deutsche for his client. We are told that Deutsche is considering going into bankruptcy court to take control of these assets and is coordinating its efforts with your office."
An SDNY AUSA responded internally: "First I'm hearing about it assuming it's even true."
The KYC documents in the corpus list Epstein's personal account balance at DB as approximately $4 million. If the NYT's reporting was accurate, the "several billion" through Financial Trust Company would represent a far larger financial footprint than has been publicly documented.
I. The SDNY Subpoena and Akin Gump Productions
Deutsche Bank received a grand jury subpoena from the SDNY on July 11, 2019 (EFTA00015937). Outside counsel Akin Gump Strauss Hauer & Feld LLP (partners Parvin Daphne Moyne, James J. Benjamin Jr., and Thomas C. Moyer) managed the response.
The corpus documents at least thirteen rolling productions:
- Production 11 (November 2019): DB-SDNY-0028783 to 0037559, including 1,287 pages of check images from twenty Epstein-affiliated accounts (EFTA00015937)
- Production 13 (December 24, 2019): DB-SDNY-0100861 to 0124801, including emails from the relationship manager and from the person "involved in the decision to onboard" and "decision to maintain after concerns raised January 2015" (EFTA00016422)
Supplemental exhibits described in the production letters included:
- Wire transfers to hedge funds and private investment vehicles (Exhibit A)
- All payees from the LSJE, LLC account — "[c]hecking account for the daily expenses associated with running one of Jeffrey Epstein's private homes" (Exhibit B)
- All Butterfly Trust money market account transactions (Exhibit C)
- Timeline of openings and closings of Epstein's Wealth Management accounts (Exhibit D)
- Payments to beneficiaries of the Butterfly Trust and The 2017 Caterpillar Trust (Exhibit E)
In the initial Rule 16 discovery production (EFTA00018618), Deutsche Bank Records comprised 1,288 pages (USAO 000965 through 002252).
The USVI Attorney General subsequently subpoenaed Deutsche Bank for all Epstein-related materials (EFTA00017084). Akin Gump sought SDNY permission to disclose the federal subpoena and productions to the USVI AG.
J. The WSJ Inquiry: Gratitude America
On September 8, 2019, Rebecca Davis O'Brien of The Wall Street Journal contacted the SDNY (EFTA00009962) with details about Gratitude America, an Epstein USVI charity with a Deutsche Bank account:
"1. It got most of its funding from a $10 million grant from a foundation controlled by Leon Black (of Apollo) in 2015.
2. Some of Gratitude's donations between 2016 and 2017, listed in its tax forms, were never received by the named charities.
3. Epstein attempted to use the charity to pay fines in the Virgin Islands."
She asked the SDNY: "Is DB in trouble here? Do they face any criminal exposure?" and "Is SDNY looking into Epstein's work with his nonprofits and foundations?"
An SDNY AUSA noted internally: "Thought some of this might actually be helpful to you."
K. FBI Investigation Infrastructure
The corpus reveals the investigative apparatus that examined Deutsche Bank's records:
- Case number 2018R01618 — confirming the SDNY investigation predated Epstein's July 2019 arrest (EFTA00014608)
- July 17-18, 2019: AUSAs requested American Express and Deutsche Bank subpoena returns burned to disc for FBI agents and detectives (EFTA00014608, EFTA00014613)
- July 18, 2019: An FBI special agent wrote: "I've CC'd the forensic accountant in our squad who will be assisting in this investigation. Let's try and plan a day next week to meet briefly and discuss a game plan" (EFTA00014611)
- Steven Hoffenberg: In the immediate aftermath of the arrest, an SDNY AUSA asked: "I keep meaning to ask if we're going to reach out to Hoffenberg" — referring to Steven Hoffenberg, the convicted Ponzi schemer who was Epstein's early business associate (EFTA00018170)
L. Personal Relationships
The Oldfield-Kahn half marathon email (EFTA01421621) shows the personal dimension of the banking relationship. Stewart Oldfield (Deutsche Bank Director) and Richard Kahn (Epstein's accountant at HBRK Associates Inc., 575 Lexington Avenue) exchanged casual messages about the Brooklyn Half Marathon in May 2017. Oldfield: "Sadly. I always sign up when the races become available. And then systematically under prepare. It's not the best approach."
This is unremarkable between banker and client accountant — but it illustrates how routine the Epstein relationship had become within Deutsche Bank's wealth management operation.
| Topic | Public Record | Corpus Adds |
| ------- | -------------- | ------------- |
| Paul Morris onboarding | NYDFS consent order | Investment ideas: "getting 10 million to work" in HY bonds, Petrobras, CLO mezz |
| Stewart Oldfield as RM | Reuters Feb 2026 | Full wire operation threads, personal relationship with Kahn |
| January 2015 concerns | NYDFS consent order | Akin Gump confirmation that maintaining relationship was deliberate decision |
| Tazia Smith trading | Handelsblatt (German) | NEW: Full text of Apple options emails, ECB rate cut analysis, cross-bank monitoring of JPM positions |
| Butterfly Trust | NYDFS consent order | NEW: $150,000 wire to Karyna Shuliak, processed through Eschborn |
| Prytanee LLC | USVI court filings only | NEW: Art investment entity, Caroline Lang (Sotheby's Switzerland) co-investor, missing ExCo approval, Gillin's "hysterical" dismissal of KYC |
| ISDA currency options | Not public | NEW: €30M notional through DB London while KYC incomplete |
| "Several billion" claim | Not previously sourced | NEW: NYT to SDNY email, SDNY surprised |
| Gratitude America + DB | WSJ reporting | NEW: Full WSJ-to-SDNY inquiry text, $10M Leon Black grant, phantom donations |
| Akin Gump productions | Not public | NEW: 13+ productions, 124,801+ documents, exhibit descriptions |
PART II: POST-CONVICTION GERMAN DEAL-MAKING (2009)
A. The Sal. Oppenheim Bank Rescue
In August 2009 — just weeks after Epstein's release from his Florida prison sentence on July 22, 2009 — a remarkable deal-making thread unfolds across the corpus. Epstein attempted to insert himself as a financial advisor in the rescue of Sal. Oppenheim jr. & Cie., Germany's oldest and largest independent private bank, which was collapsing under approximately €900 million in losses tied to the Arcandor insolvency and reckless lending to Madeleine Schickedanz.
The intermediary was David Stern of Asia Gateway Ltd. (81 Fulham Road, London SW3 6RD), a German-born financier) who has been extensively reported as an Epstein associate since the February 2026 EFTA release.
The Timeline
August 5, 2009: Deutsche Bank
publicly confirmed talks on a strategic partnership with Sal. Oppenheim and made a non-binding offer for a capital stake.
August 7, 2009: Jes Staley, then head of JPMorgan's asset management division,
forwarded an internal JPMorgan email chain about Sal. Oppenheim directly to Epstein (
EFTA00738280). The chain included:
- Karl X. Altenburg (JPMorgan Germany): "We are talking to Christopher von Oppenheim who is one of the four managing partners and the one who is representing the family. I had one 2hr meeting with him on this matter last week."
- Klaus Diederichs: "I think this will be too late. Also not sure if we can cherry pick. My understanding is that Deutsche is offering a capital injection into the group overall. If we are seriously interested we need to come forward now. Looks to me like Sal Op is back to the wall and Deutsche will run away with it if we don't act now."
- Mary Erdoes: "Just let us know what transpires—happy to get on a plane to meet sooner if need be."
Epstein's response to Staley: "typical."
That same day, Epstein warned Stern (EFTA00738267):
"You must be careful, they are already talking to j.p. morgan, my bank, im told there is a meeting set up in early sept..., they should hire us to get the j.p morgan deal structured and negotiated.. the family is trying to do it themselves."
Epstein was simultaneously receiving insider intelligence from JPMorgan about the competing bid and positioning himself to advise Sal. Oppenheim on that same bid.
August 7, 2009: Stern contacted Sal. Oppenheim directly. The response came from their Luxembourg office (Sal. Oppenheim jr. & Cie. Societe en commandite par actions, 4, rue Jean Monnet, 2180 Luxembourg) in German (
EFTA00773411):
"Sehr geehrter Herr Stern, Leider kann ich Ihnen noch nichts sagen denn wir sind in fortgeschrittenen Gesprächen, Chance aber zur Zeit unter 20%."
Translation: "Dear Mr. Stern, unfortunately I cannot tell you anything yet as we are in advanced talks, chance however currently under 20%."
August 9, 2009: Epstein asked Staley:
"Are you available to take a call from the chairman of sal oppenheim?" (
EFTA00738348). Staley responded the next day:
"I just got this. Monday around ten can work."
Late August 2009: The Oppenheim situation deteriorated. Stern reported to Epstein (
EFTA01816629):
"Oppenheim is still struggling internally. German government put huge pressure on them to do DB deal (german elections in Sept). I am on the case."
Epstein: "Keep on it."
August 2009: Stern reported direct contact with the German government (
EFTA02436139):
"Spoke to German ministry of finance — view is that Oppenheim management caused the mess (probably +900m EUR required)."
August 2009: Epstein formulated his pitch (
EFTA01818511):
"The concept is not based on fees.. if oppenheim were to engage us, to find a solution."
The Draft Pitch: "Independent Private Investment Arm of JP Morgan"
Stern prepared a draft document describing how to present Epstein to Sal. Oppenheim (EFTA00739187):
"Financial Trust is a private investment company based in xxx, USA. It operates as the independent, private investment arm of JP Morgan. JP Morgan takes on all reputational and — where necessary — balance sheet risks. David Stern heads the European investments and reports directly to the Chairman."
The subject line was: "DRAFT IDEA incl how to describe me???"
Epstein rejected this characterization: "no lets talk."
This draft is significant because it reveals the deceptive framing Stern was prepared to use: positioning a convicted sex offender's private entity as an "arm of JP Morgan" to German financial institutions. That Epstein rejected it suggests even he recognized it went too far.
The Broader Ambition
Stern's emails reveal that the Oppenheim deal was part of a larger vision (EFTA02441612):
"Increasingly real business in an advisory/financing solution package in Germany, Switzerland, UK."
And more ambitiously:
"For advisory business with massive fees there could be Malaysia where the Minister of Finance is my friend."
The Oppenheim deal never materialized for Epstein. Deutsche Bank completed the acquisition in March 2010 for approximately €1 billion. Four former Sal. Oppenheim partners were later convicted of criminal breach of trust by the Cologne criminal court in 2015.
The Irony
The institutional successor of Sal. Oppenheim became Deutsche Oppenheim Family Office AG, with Jürgen Fitschen (Deutsche Bank co-CEO 2012-2016) as Vice-Chairman (EFTA02662131). Fitschen was co-CEO of Deutsche Bank during the period when the bank maintained Epstein as a client despite the January 2015 concerns.
An article about Deutsche Oppenheim's formation — referencing Fitschen joining the advisory board and mentioning Jean-Christophe Pernollet (later Swissquote board member and Chief Risk Officer at Edmond de Rothschild Suisse) — was circulated within the Epstein email network. There is no evidence that Fitschen or Pernollet had any direct contact with Epstein.
B. Scholz Edelstahl: The €150 Million Steel Financing
One week after the Oppenheim thread, Stern pitched Epstein on financing for a German steel dynasty.
September 8, 2009: Stern sent the initial pitch to Epstein (
EFTA02436800):
"150 million Euro Bridge Financing for Scholz-Edelstahl GmbH in Germany.
>
Mr. Berndt-Ulrich Scholz is owner of Scholz AG. Business had a turnover of close to 5 bn Euro in 2008 (3.5 bn. Euros in 2007) and 5,000 employees. Scholz AG is amongst the leading steel and metal scrap recycling companies in Europe; it is 100% owned by the family of Berndt-Ulrich Scholz.
>
Over the last years Scholz-Edelstahl, apparently, built up an inventory and speculated the wrong way; the banks are forcing Scholz to find a solution."
The subsidiary needed either a €150 million bridge loan (2-year term) or a loan secured by steel inventory and guaranteed by the parent company and Berndt-Ulrich Scholz personally.
September 12, 2009: Stern sent financial statements (
EFTA00770140):
"Attached the financials of the Holding Scholz AG and the company Scholz Edelstahl GmbH that needs the 150m Euro financing. Unfortunately they have it in German only."
September 14, 2009: Epstein's reply was dismissive (
EFTA01817098):
"Silly send to me in German."
There is no evidence in the corpus that the financing materialized. Scholz AG subsequently accumulated approximately €1 billion in debt by 2013, Toyota Tsusho acquired a 40% stake in 2014, and the entire company was sold to Hong Kong-based Chiho-Tiande for €1 plus debt assumption in 2016.
No prior public reporting has connected Berndt-Ulrich Scholz or Scholz AG to Jeffrey Epstein.
David Stern was the common thread in both the Oppenheim and Scholz deals. The corpus reveals a deeper relationship than deal-making alone.
April 8, 2009: Epstein introduced Nicole Junkermann to Stern (
EFTA00748642):
"I spoke to my very good friend/old girlfriend. nicole junkerman, german, doing many things in china.. perfect combo for you. call her. she has a sports fund. ~300mm 37 years old she is moving to berlin. she is partner/girl of robert louis-dreyfuss."
Stern's earlier email in the same thread proposed that Epstein base his post-prison operations in Switzerland: "How about you spend post 22nd July half the time on the island and half the time in Switzerland as base only?" and "I could organise, move there and run our operations from there. The JEDS headquarter" — suggesting a joint entity (Jeffrey Epstein David Stern).
Asia Gateway's Corporate Evolution: Asia Gateway Ltd. was incorporated September 30, 2005 (UK Companies House #05579668) at Michelin House, 81 Fulham Road, London SW3 6RD (
EFTA00696884). Stern later developed a healthcare IT platform for the Chinese government through Asia Gateway China (
EFTA00640123), proposed a JPMorgan strategic partnership (
EFTA00663880), and received a term sheet from
Greater Pacific Capital Ltd. (Cayman Islands) for medical information platform financing in partnership with the Chinese Ministry of Human Resources and Social Security (
EFTA00724646).
BHF-BANK and Stefan Krause: By 2016, Stern had become Executive Chairman of Celestial, a London-based principal investment firm, alongside CEO
Stefan Krause (
EFTA00826740). Krause had been a Member of the Management Board of Deutsche Bank AG from 2008 to 2015, served as Deutsche Bank's CFO from 2008 to 2015, and served as Chairman of the Supervisory Board of BHF-BANK until 2014. Before Deutsche Bank, he was a BMW Group executive and CEO of Rolls-Royce Motor Cars. Earlier, Stern had tracked Tim Collins' acquisition of BHF-BANK through the Kleinwort Benson Group, telling Epstein:
"To use this as platform to combine PA and Chinese wealth seems perfect" (
EFTA00682939).
The Stern-Krause connection represents a direct pipeline between the Epstein network and the senior management of Deutsche Bank — though Krause's relationship was with Stern, not with Epstein, and there is no evidence of direct Krause-Epstein communication.
PART III: THE GERMAN SCIENCE NETWORK
A. Dr. Bert Sakmann and the Max Planck Society
Dr. Bert Sakmann, born 1942 in Stuttgart, won the
1991 Nobel Prize in Physiology or Medicine (shared with Erwin Neher) for developing the patch-clamp technique for studying ion channels. He held positions at multiple Max Planck Institutes across Germany and served as founding scientific director of the Max Planck Florida Institute for Neuroscience.
On April 26, 2010, Epstein's assistant Lesley Groff relayed a message (EFTA01811692):
"Phyllis from Dr. Axel's office called to say that Dr. Bert Sakmann is interested in the luncheon."
Epstein's instruction: "invite him for sunday lunch." Sakmann's assistant Monica Reum at the Max Planck Florida Institute was listed as the contact.
No prior public reporting has connected Dr. Bert Sakmann to Jeffrey Epstein. The nature of the "luncheon" — whether scientific, social, or philanthropic — is not specified in the document. Dr. Sakmann may not have been aware of Epstein's criminal history.
B. Max Planck in the Broader Network
The Max Planck Society appears in three additional contexts:
October 2012 (EFTA01990538): Epstein wrote to a Berlin-based woman: "the max plank institute in germany is doing the most creative work in the world. how about researching for my foundation." She replied: "The Max Planck Society is a pretty large organization, composed of a lot of different institutes all over Germany. The main seat is here in Munich."
June 2017 (EFTA01613137): In an iMessage conversation discussing Bill Gates' bgc3 initiative and biomarker research, an interlocutor wrote: "MAX PLANCK was super interested in plants maybe more than Darwin — check out all the amazing stuff being done w plants at the Max Planck in Germany."
July 2013 (EFTA01965420): A young woman asked Epstein for help securing an internship at Scripps, adding: "oh I forgot to mention Max Planck or VGTI would also work."
PART IV: GERMAN INFRASTRUCTURE — INSTITUTIONAL TOUCHPOINTS
A. Siemens Building Technologies
Siemens Industry, Inc. managed the building automation system at 9 East 71st Street (Epstein's New York mansion). This was a vendor relationship, not a financial one.
- October 2011 (EFTA01854959): Epstein to Richard Kahn and Richard Barnett: "we are at the end of october, the siemens upgrade is not yet complete the user interface is outdated and ridicultous."
- December 2011 (EFTA02007071): Jim Sullivan (Siemens Industry, Florham Park NJ) to Richard Kahn: "Siemens needs to receive payment for these projects, I can not send any Tech to the site, until we receive payment. These invoices are over 90 days." Kahn forwarded to Epstein: "Attached is 36k invoice from Siemens as they refuse to come to house and are threatening legal action."
- December 2010 (EFTA01831853): Epstein instructed Kahn to raise Rich Barnett's salary to $125,000 and "transistion to contracts with ad winston, donnely, siemens, we should get maintenance contracts for each."
B. Allianz SE Travel Insurance
The corpus contains 934 pages of Allianz SE travel insurance documents purchased for Epstein associates and connected to flight records. Allianz is Germany's largest insurance company. These documents relate to travel insurance products, not a financial advisory relationship.
C. Commerzbank
Commerzbank appears in 87 pages as a correspondent bank in wire transfer chains. This is standard banking infrastructure — Commerzbank is one of Germany's major clearing banks. No direct Epstein-Commerzbank relationship is documented.
D. The German Submarine Article
A complete Der Spiegel article about Israel's nuclear-capable submarines built by German shipyards was forwarded to Epstein by the office of Terje Rod-Larsen (President of the International Peace Institute) as part of a daily news briefing on June 5, 2012 (EFTA01769065). The article detailed Germany's financing of Dolphin-class submarines for Israel — including €135 million paid by Germany for submarine 6, approved by Chancellor Merkel. This was geopolitical intelligence consumption, not a personal connection.
PART V: NICOLE JUNKERMANN — SUMMARY
Nicole Junkermann maintained an eleven-year relationship with Epstein (2008-2019) documented across dozens of emails, appointment schedules, and business correspondence. She appears on the January 2019 Little St. James island guest list alongside Sultan Bin Sulayem, Eduardo Teodorani, Steve Bannon, and Jabor Yousuf. Epstein described her as "my very good friend/old girlfriend" and brokered her introduction to Leon Black of Apollo Global Management.
A complete analysis of the Junkermann-Epstein relationship, including all documented emails, the Leon Black introduction, the Auctionata investment pitch, and the Carbyne/Ehud Barak co-investment, is available in the dedicated report: Nicole Junkermann & MC2 Model Management: FBI File Investigation.
Junkermann's name also appears in the Oppenheim thread: Epstein introduced her to David Stern in April 2009 (EFTA00748642), describing her as "german, doing many things in china.. perfect combo for you." Stern subsequently met her for lunch in Munich.
PART VI: IAN OSBORNE AND THE "BRITISH AND GERMAN GOVERNMENTS"
Ian Osborne, the British financier who co-founded Hedosophia and
orchestrated "Project Jes" to install Jes Staley as Barclays CEO, wrote to Epstein on October 7, 2012 (
EFTA01766728):
"I've been as busy as you these past 72 hours. Negotiating all weekend with the British and German governments, which continued in beer tents until 3am and 4am the past 2 nights."
The nature of these negotiations is not specified. Earlier in the thread, Osborne mentioned lunching with "Peter" who had "interesting perspectives on the Mid-East" and would be in New York October 4-16. The context suggests financial or policy negotiations at an EU-level event, but no further details are available.
PART VII: WHAT'S NOT THERE
German search traffic to our databases has included queries for:
- Jens Spahn: Zero results in corpus
- Friedrich Merz: Zero results in corpus
- AfD: Zero results in corpus
- Ursula von der Leyen: Appears only in generic WEF attendee lists, with no personal correspondence
No serving or former German politicians appear in direct correspondence with Epstein. The German connection in this corpus is entirely institutional — banking infrastructure, corporate deal-making, and scientific networks — not political.
DOCUMENT SUMMARY TABLE
Deutsche Bank — Internal Operations
| ------ | ----- | ------- | ------------- |
| EFTA01421293 | 10 | 24 | Prytanee LLC KYC remediation — Caroline Lang, missing ExCo approval |
| EFTA01423566 | 10 | — | Southern Financial KYC case comment (June 2019) |
| EFTA01423292 | 10 | 8 | ISDA EUR 20M option — DB London ↔ Southern Financial |
| EFTA01423300 | 10 | 8 | ISDA EUR 10M option — DB London ↔ Southern Financial |
| EFTA01421199 | 10 | 11 | $150K Butterfly Trust → Karyna Shuliak, Eschborn processing |
| EFTA01421442 | 10 | 10 | LSJE LLC → Warren Power & Machinery, Eschborn processing |
Deutsche Bank — SDNY Subpoena
| ------ | ----- | ------- | ------------- |
| EFTA00016422 | 8 | 3 | Akin Gump 13th production — "concerns raised Jan 2015" |
| EFTA00018618 | 8 | 5 | USAO Rule 16 discovery index — 1,288 pages DB records |
| EFTA00009962 | 8 | 2 | WSJ inquiry: Gratitude America + Leon Black + DB |
| EFTA00014608 | 8 | 1 | FBI request for DB/AmEx subpoena returns on disc |
Sal. Oppenheim Bank Rescue
| ------ | ----- | ------- | ------------- |
| EFTA00738280 | 9 | — | Jes Staley forwards internal JPM chain to Epstein |
| EFTA00738267 | 9 | — | Epstein warns Stern: "they are already talking to JPM" |
| EFTA00738348 | 9 | — | Epstein offers to connect Oppenheim chairman with Staley |
| EFTA00739187 | 9 | — | Stern's DRAFT: "independent private investment arm of JP Morgan" |
| EFTA01816629 | 10 | — | "German government put huge pressure... I am on the case" |
| EFTA02436139 | 11 | — | "Spoke to German ministry of finance — +900m EUR" |
| EFTA01818511 | 10 | — | Epstein pitch: "concept is not based on fees" |
| EFTA02441612 | 11 | — | "advisory/financing in Germany, Switzerland, UK" + Malaysia |
| EFTA02662131 | 11 | — | Deutsche Oppenheim article — Fitschen, Pernollet |
| EFTA00614347 | 9 | — | Leon Black $8.25M art purchase via Sal. Oppenheim/Cologne |
Scholz Edelstahl Financing
| ------ | ----- | ------- | ------------- |
| EFTA02436800 | 11 | 1 | Full Scholz pitch — €5B turnover, €150M financing need |
David Stern / Asia Gateway
| ------ | ----- | ------- | ------------- |
| EFTA00748642 | 9 | 2 | Epstein introduces Junkermann to Stern; "JEDS headquarter" |
| EFTA00640123 | 9 | — | Asia Gateway Healthcare IT — Chinese government deal |
| EFTA00696884 | 9 | — | Asia Gateway Companies House details, JPM hiring |
| EFTA00826740 | 9 | — | Celestial — Stern + Stefan Krause (former DB CFO) |
Max Planck Society / German Science
| ------ | ----- | ------- | ------------- |
| EFTA01811692 | 10 | 1 | Dr. Bert Sakmann (Nobel) "interested in the luncheon" |
Other German Institutional Touchpoints
| ------ | ----- | ------- | ------------- |
| EFTA01766728 | 10 | 2 | Ian Osborne: "British and German governments" |
EXTERNAL SOURCES
| NYDFS $150M consent order (July 2020) | NYDFS | https://www.dfs.ny.gov/system/files/documents/2020/07/ea20200706_deutsche_bank_consent_order.pdf |
| NYDFS press release | NYDFS | https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202007071 |
| DB-Epstein relationship details | Fortune (Oct 2025) | https://fortune.com/2025/10/08/deutsche-bank-and-jeffrey-epstein-ghost/ |
| Stewart Oldfield named, "likes to have cash" | Reuters via Yahoo Finance (Feb 2026) | https://ca.finance.yahoo.com/news/likes-cash-inside-deutsche-banks-212916062.html |
| Tazia Smith and DB Epstein business | Handelsblatt | https://www.handelsblatt.com/finanzen/banken-versicherungen/banken/epstein-skandal-deutsche-bank-managerin-wir-brauchen-mehr-dieser-kunden/100199088.html |
| Sal. Oppenheim history | Wikipedia | https://en.wikipedia.org/wiki/Sal._Oppenheim |
| Sal. Oppenheim collapse and criminal convictions | Delano/Paperjam | https://delano.lu/article/the-fall-of-the-sal-oppenheimp |
| DB acquires Sal. Oppenheim for €1B | Institutional Asset Manager | https://institutionalassetmanager.co.uk/deutsche-bank-closes-acquisition-sal-oppenheim/ |
| Former Sal. Oppenheim bankers convicted | WealthBriefing | https://www.wealthbriefing.com/html/article.php/former-sal-oppenheim-senior-bankers-convicted-of-criminal-breaches-of-trust- |
| Scholz Recycling history | Wikipedia (German) | https://de.wikipedia.org/wiki/Scholz_Recycling |
| Toyota Tsusho acquires 40% of Scholz | Gleiss Lutz | https://www.gleisslutz.com/en/mandates-firm-news/gleiss-lutz-advises-scholz-ag-investment-toyota-tsusho-corporation |
| Chiho-Tiande buys Scholz for €1 | EUWID Recycling | https://www.euwid-recycling.com/news/business/single/Artikel/chiho-tiande-takes-over-scholz-for-one-euro.html |
| David Stern profile and Epstein relationship | Middle East Eye | https://www.middleeasteye.net/news/david-stern-epsteins-source-who-sat-next-queen-sent-him-lewd-messages-and-brokered-deals |
| David Stern biography | Wikipedia | https://en.wikipedia.org/wiki/David_Stern_(German_businessman) |
| Stern resigns from Cambridge Judge | Poets&Quants | https://poetsandquants.com/2026/02/09/epstein-associate-resigns-from-cambridge-judge-advisory-board/ |
| Jürgen Fitschen biography | Wikipedia | https://en.wikipedia.org/wiki/J%C3%BCrgen_Fitschen |
| Deutsche Oppenheim Family Office | Company website | https://www.deutsche-oppenheim.de/en/about-us/ |
| Ian Osborne / Hedosophia | CityAM | https://www.cityam.com/havas-keeps-quiet-on-whether-ian-osborne-will-stay-on-board-after-epstein-files/ |
| Ian Osborne / Project Jes | Techmeme | https://www.techmeme.com/260207/p11 |
| USVI subpoenas to banks | ABC News | https://abcnews.com/US/virgin-islands-government-subpoenas-multiple-banks-jeffrey-epsteins/story?id=72018117 |
| Dr. Bert Sakmann biography | Nobel Prize | https://www.nobelprize.org/prizes/medicine/1991/sakmann/biographical/ |
| Nicole Junkermann biography | Wikipedia | https://en.wikipedia.org/wiki/Nicole_Junkermann |
| Junkermann media coverage | Sunday Guardian Live | https://sundayguardianlive.com/world/who-is-nicole-junkermann-german-countess-resigns-from-royal-marsden-charity-over-jeffrey-epstein-files-email-controversy-170701/ |
| DB $75M victim settlement | Banking Dive | https://www.bankingdive.com/news/deutsche-bank-epstein-settlement-75-million/650652/ |
| Thomas Bowers death | Public reporting | N/A — multiple outlets |
| Rosemary Vrablic departure | The Hill | https://thehill.com/policy/finance/537295-trumps-banker-resigned-from-deutsche-bank-following-undisclosed-real-estate/ |
This analysis relies on Claude Code running Opus 4.6, which can make mistakes. Every factual claim is cited to a specific EFTA document or external source. Readers are encouraged to verify against the primary documents.