Paul Barrett

Paul S. Barrett is a former JPMorgan Chase private banker who served as Jeffrey Epstein's primary account manager for over a decade before leaving the bank in 2017 to establish Alpha Group Capital, a firm created specifically to manage Epstein's investments. The archive contains over 6,100 emails documenting their extensive financial relationship from 2010 through early 2019. Barrett managed Epstein's portfolio across multiple asset classes, executing trades in stocks, bonds, derivatives, foreign exchange, and IPO syndicate deals, while meeting regularly at Epstein's Manhattan townhouse. The relationship ended acrimoniously in February 2019 after disputes over investment performance and unpaid fees, with Barrett claiming Epstein had "walked away from our deal leaving me in a tough financial situation". After the relationship ended, Barrett joined Citigroup in 2019 but left the bank in 2023 after his Epstein connections became public.

Background#

Barrett spent 18 years at JPMorgan Chase, working as a Managing Director in the Global Investment Opportunities Group within JPMorgan Private Bank, according to his FINRA registration records. He held the Chartered Financial Analyst (CFA) designation and was based in New York. During his tenure at JPMorgan from 2000 to 2017, Barrett served as Epstein's "main coverage banker" and continued managing Epstein's accounts even after the financier's 2008 conviction for soliciting prostitution from a minor.

In 2017, Barrett proposed creating a family office structure to manage Epstein's wealth more directly. By September 2017, he had resigned from JPMorgan to establish Alpha Group Capital LLC, a New York-based multi-family office. Deutsche Bank internal documents described Barrett as a "talented full time trader" who had been Epstein's main banker at JPMorgan. The firm disclosed managing $252 million on behalf of 25 high-net-worth individuals in its final SEC filing in January 2019, though the identity of most clients remains unclear.

After his relationship with Epstein ended in early 2019, Barrett joined Citigroup later that year as head of the private capital group's North American region. Citigroup terminated Barrett in 2023 after the Wall Street Journal reported on his meetings with Epstein following JPMorgan's closure of Epstein's accounts. Barrett's employment history shows he subsequently worked at Entoro Capital and Entoro Securities in 2024, and as of 2023 listed himself as CEO of Ravine Road Advisors in Greenwich, Connecticut, according to his FINRA records.

Correspondence with Epstein#

The archive documents an intensive 9-year correspondence spanning over 6,100 emails between 2010 and 2019, with Barrett appearing as sender in approximately 2,750 threads. The emails reveal three distinct phases: Barrett's tenure as Epstein's JPMorgan banker (2010-2017), the establishment and operation of Alpha Group Capital (2017-2018), and the relationship's deterioration and termination (late 2018-early 2019).

JPMorgan Years (2010-2017)

During his JPMorgan tenure, Barrett provided Epstein with sophisticated investment recommendations across multiple asset classes. He proposed trades in oil derivatives, suggesting in January 2011 a "bullish 3-Month WTI trade" with a "92 x 99 WTI call-spread" that Epstein approved. Barrett managed positions in preferred securities, including a $2 million position in Ally A preferreds purchased in February 2012 at $23.53, and coordinated trades in convertible bonds, foreign exchange contracts, and equity positions in technology companies.

The correspondence shows Barrett actively pitching investment opportunities and managing portfolio adjustments. In October 2010, he recommended "buying $3MM of BP via a TRS" after the stock had fallen 33% from its April highs. He coordinated IPO allocations, writing in November 2010 to "call in - have allocations on GM". Barrett also managed Epstein's line of credit arrangements with JPMorgan, confirming in November 2010 that "no trade will ever happen on this account without a clear OK from you".

Alpha Group Capital Formation (2017)

In spring 2017, Barrett proposed establishing a dedicated family office structure. Email exchanges in late April and early May 2017 show the arrangement being finalized, with Barrett requesting meetings to "review everything and finalize our agreement". By September 2017, the firm was operational, with Barrett writing that "we go live next Monday" and requesting a meeting before launch.

Under the Alpha Group arrangement, Barrett earned approximately $500,000 annually with trading authority across asset classes. The original agreement was a 2-year contract worth $1.5 million, later reduced to $1.1 million "based on other client fees," according to Barrett's December 2018 email. The agreement notably contained no performance clause or management targets, which Barrett later noted might have been a mistake.

Barrett's trading activities for Epstein included IPO syndicate deals, which he claimed generated $126,000 from October-December 2017 and $150,000 in 2018, though he noted Q4 2018 performance suffered from "very poor quality deals" from Morgan Stanley. He also managed positions in semiconductor stocks, selling an 8,000-share Broadcom position in January 2019 for a $123,000 profit and recommending shifting proceeds into Keysight Technologies for exposure to 5G equipment testing.

Relationship Deterioration (Late 2018-2019)

By late 2018, the relationship had soured. Barrett sent repeated, increasingly desperate emails seeking clarification on their arrangement. In December 2018, he wrote that he had "not heard from you regarding your suggestion for a revised proposal" and noted that despite not being paid since June, he had "continued to oversee your portfolio in good faith."

Barrett revealed the personal cost of his decision to work for Epstein: "I walked away from all my JPM stock and now my annual compensation is reduced by 66% until I can sign more clients". He proposed a settlement of $300,000 to void the remainder of their contract and "amicably part ways."

The correspondence grew more strained in early 2019. Barrett sent follow-up emails on January 3, January 16, and February 7, 2019, each expressing willingness to continue working "in any capacity" but receiving no substantive response. In the February 7 email, Barrett announced: "As Rich mentioned to you I am removing myself from the relationship and de-linking Alpha Group from all of your accounts". Epstein responded simply: "I wish you luck . Im very sorry".

The final blow came in February 2019 when Barrett learned that Epstein had been misrepresenting his performance to others. Barrett wrote angrily: "I just spoke to Anthony. He said that you told him that I lost $10MM". He corrected the record, noting the account was actually up $1.46 million net of fees as of January 31st, and admonished Epstein: "Please do not make up numbers and tarnish my reputation". Epstein replied: "it wont happen again sorry, we have a very different view".

Barrett's final attempt to salvage the arrangement came in April 2019, when he told Richard Kahn that "it might be better for you to outline exactly what JE needs and what compensation the revised role will have", effectively putting the ball in Epstein's court. Kahn forwarded this to Epstein with the note: "don't love his replay throwing the ball back in our court".

Connections#

Barrett's primary point of contact in Epstein's network was Richard Kahn, Epstein's longtime accountant and principal of HBRK Associates, who appears in over 1,000 shared emails. Kahn served as an intermediary in Barrett's disputes with Epstein over payment and performance, and was copied on virtually all investment recommendations and account updates throughout 2017-2019.

Barrett also communicated extensively with Lesley Groff, Epstein's executive assistant, who coordinated Barrett's numerous visits to the Manhattan townhouse and relayed messages about when Epstein wanted to speak with him.

After leaving Alpha Group, Barrett maintained relationships with Deutsche Bank Wealth Management bankers Stewart Oldfield and Martin Zeman, who pitched investment opportunities to Barrett in 2019. Stewart Oldfield sent Barrett invitations to Deutsche Bank's Frieze Art Fair preview and opportunities in Qualified Opportunity Zone funds, addressing emails to "Paul" and referencing "your clients." These communications suggest Barrett may have been managing other high-net-worth clients after his Epstein relationship ended, though the archive does not definitively identify them.

Document References#

Barrett appears in scheduling documents coordinated through Lesley Groff throughout 2010-2018. A May 2017 internal calendar shows Barrett scheduled for a 5pm appointment alongside meetings with attorney Kathy Ruemmler and lawyer Brad Karp that same day, illustrating the intermingling of Epstein's financial and legal advisors. A June 2018 calendar notation simply lists "1:30pm Paul Barrett" with his Alpha Group contact information.

Multiple email alerts from Groff reference Barrett requesting appointments, including a May 2017 query asking "does JE want to meet with Paul Barrett on Sat. or Sun? do we need Rich/Darren around? or is a phone call good?" and a September 2017 reminder that "Paul Barrett asking for appt on Wed." A February 2017 daily schedule shows Barrett with a 5:00 PM appointment slot, followed by another meeting at 5:30 PM.

Deutsche Bank internal records reference Barrett's role managing Epstein's accounts. Documents from 2017-2018 describe him as having been "Jeffrey's main coverage when he banked at JPM" and note that "Paul Barrett manages money for Jeffrey Epstein" while trading "across asset classes."

Visits to Epstein Properties#

The archive documents extensive in-person meetings between Barrett and Epstein, primarily at Epstein's Manhattan townhouse at 9 East 71st Street:

Manhattan Townhouse: At least 15 documented visits or scheduled appointments

1. April 8, 2010 - Meeting with Jeff Matusow, tentatively scheduled for either 1:30-2:00 PM or 4:45 PM (email)
2. October 22, 2010 - 2:30 PM appointment with Antonne Pi (email)
3. October 24, 2012 - 12:30 PM appointment with Justin Nelson from JPMorgan (calendar reminder)
4. February 13, 2017 - 5:00 PM appointment (daily schedule)
5. April 21, 2017 - 5:30 PM appointment (calendar notification)
6. May 5, 2017 - Weekend meeting discussed, whether Saturday or Sunday (email)
7. May 19, 2017 - Initially 5:00 PM, moved to 6:45 PM (email exchange)
8. September 12, 2017 - Requested appointment for Wednesday before Alpha Group launch (email)
9. December 7, 2017 - 3:00 PM appointment (email)
10. January 31, 2018 - Requested to "pop in" on Friday (email)
11. February 1, 2018 - Call scheduled instead of in-person meeting (email)
12. February 15, 2018 - Requested 30-minute meeting "when he is next in town" (email)
13. March 5, 2018 - 5:00 PM appointment at "9 East 71st Street between 5th and Madison" (email)
14. June 4, 2018 - 1:30 PM appointment (calendar entry)
15. October 2, 2017 - Phone discussion about consumer debt portfolios (email)

Little St. James Island: No visits documented in archive

Palm Beach: No visits documented in archive

New Mexico Ranch: No visits documented in archive

Paris Apartment: No visits documented in archive

The frequency and nature of these meetings—often scheduled for late afternoon or early evening at Epstein's private residence—illustrate the intimate access Barrett maintained throughout their professional relationship. The meetings typically focused on investment strategy, portfolio performance reviews, and trade execution coordination.