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Stewart Oldfield#
Summary
Stewart Oldfield was a Director at Deutsche Bank Trust Company Americas and Deutsche Bank Securities Inc. from October 2014 to July 2020, serving as the relationship manager for Jeffrey Epstein's extensive banking portfolio. The archive documents 17,391 emails involving Oldfield across 8,189 threads, reflecting his central role managing Epstein's accounts between 2013 and 2019. Oldfield oversaw approximately $224 million in assets under management across more than 30 accounts, including entities such as Southern Financial LLC, Southern Trust Company, the Butterfly Trust, and the 2017 Caterpillar Trust. After Epstein's July 2019 arrest, Oldfield coordinated the rapid wind-down of the relationship, providing detailed account balance reports to bank leadership as authorities and regulators scrutinized Deutsche Bank's handling of the convicted sex offender's accounts.
Background
Stewart Oldfield holds the Chartered Financial Analyst (CFA) and Chartered Alternative Investment Analyst (CAIA) professional designations. He joined Deutsche Bank's Wealth Management division in New York in October 2014, where he worked at the bank's 345 Park Avenue headquarters until his departure in July 2020. Following his tenure at Deutsche Bank, Oldfield became Chief Strategy Officer at Third Lake Partners, LLC, a position he holds as of 2023, and also serves as Chief Executive Officer of Third Lake Associates, LLC. His 20-year career in financial markets has focused on ultra-high-net-worth client relationships and alternative investments.
Oldfield's role at Deutsche Bank placed him at the center of one of the institution's most problematic client relationships. In July 2020, Deutsche Bank agreed to pay $150 million to New York financial regulators for compliance failures related to its management of Epstein's accounts, among other deficiencies. Public reporting identified Oldfield as one of the bankers involved in managing Epstein's portfolio, though he has not been personally charged with any wrongdoing.
Correspondence with Epstein
Oldfield's correspondence in the archive spans May 2009 through July 2019, with the most active period occurring from 2015 to 2019. The emails document his role as the primary Deutsche Bank relationship manager responsible for Epstein's complex web of accounts, which included personal accounts, corporate entities, and multiple trusts. Oldfield coordinated closely with Paul Morris, who preceded him in managing portions of the Epstein relationship, and worked extensively with Bradley Gillin, Rich Kahn (Epstein's financial advisor at HBRK Associates), and Vahe Stepanian on trading and investment activities.
The correspondence reveals Oldfield's involvement in routine banking operations: facilitating wire transfers, coordinating account openings, managing Know Your Customer (KYC) compliance procedures, and overseeing investment activities through Deutsche Bank's Key Client Partners (KCP) desk. In November 2018, Oldfield described the Butterfly Trust beneficiaries as "employees of Jeffrey Epstein at various times" and confirmed the bank had identified all beneficiaries individually.
Throughout 2018 and early 2019, Oldfield shepherded multiple KYC approval requests through Deutsche Bank's executive approval process. In February 2018, he submitted an application to open a deposit account for the 2017 Caterpillar Trust, noting in the approval request that the account would pay "annual annuity payments" and acknowledging Epstein's status as high-risk due to his 2008 criminal conviction. The request, which noted Epstein's "close affiliation to Bill Clinton and Prince Andrew," was approved by Patrick Campion, head of Wealth Management Americas, despite the documented risks. Similarly, in October 2016, Oldfield submitted a KYC update for the Butterfly Trust after Epstein replaced the beneficiaries, which was also approved by Campion.
In January 2017, Oldfield met with Epstein at his Manhattan townhouse. Epstein's schedule for January 30, 2017 shows a 4:30 pm appointment with "Stewart Oldfield and Todd Stevens from DB" with Kahn in attendance. Following the meeting, Oldfield wrote to Epstein: "Thanks again for your time yesterday, Todd and I enjoyed the discussion", and noted they would follow up on information about "levered muni structures."
Oldfield's correspondence with trading desk colleagues shows his role facilitating Epstein's investment activities. In February 2015, Paul Morris included Southern Financial (one of Epstein's entities) on a distribution list for an investment teaser regarding a reinsurance deal, with Oldfield copied on coordination. In June 2015, Oldfield was copied on detailed investment strategy discussions involving short-dated structured notes and single-stock positions. In August 2015, Morris forwarded him pricing information for Citigroup preferred securities that Southern Financial was considering purchasing.
In mid-2019, following Epstein's July 6, 2019 arrest, Oldfield's role shifted to managing the relationship's termination. On July 16, 2019, he provided detailed balance history data to Patrick Campion showing the decline in assets under management from $177 million in January 2018 to approximately $30 in June 2019. The archive shows intensive internal coordination during this period as Deutsche Bank assembled information for regulators and conducted internal reviews. Oldfield reconciled account data across different systems, noting discrepancies in how brokerage assets were reported, and worked with colleagues to compile complete account opening documentation for the bank's review processes.
On July 25-26, 2019, as media attention intensified, Oldfield exchanged emails with Campion about Epstein's broader banking relationships. He noted that "Paul Barrett was the head of GIO at JPM who handled trading for Jeffrey through his (Paul's) RIA" and mentioned that Epstein "have been in the syndicate at MS and at least one other bank" for IPO allocations.
Connections
Oldfield's primary co-correspondents reflect the operational structure surrounding Epstein's Deutsche Bank relationship. Rich Kahn (5,408 shared emails) served as Epstein's external financial advisor and was the most frequent contact. Bradley Gillin (4,196 shared emails), another Deutsche Bank banker, worked closely with Oldfield on compliance and account management. Vahe Stepanian (3,723 shared emails) and Daniel Sabba (1,495 shared emails) handled trading and structured products through the Key Client Partners desk.
Paul Morris (1,884 shared emails) preceded Oldfield in managing Epstein's accounts at Deutsche Bank and continued to be involved in coordination through 2016-2017. Operations personnel including Daphne Cales (798 shared emails), Liam Osullivan (973 shared emails), and Cynthia Rodriguez (2,199 shared emails) handled account administration, KYC documentation, and compliance processes.
Oldfield had limited direct correspondence with Epstein himself (700 shared emails), with most communication flowing through Kahn or Epstein's assistants Bella Klein (1,153 shared emails) and Lesley Groff.
Document References
Oldfield appears in numerous documents within the DOJ investigation files. His name appears in email headers and correspondence related to compliance procedures, wire transfer authorizations, and account management throughout the 2015-2019 period. In March 2019, when Epstein sought a bank reference letter, Kahn forwarded Oldfield's contact information as "the banker" who could verify account balances for the Haze Trust.
Internal Deutsche Bank emails from 2018 show Oldfield coordinating with compliance staff on KYC remediation efforts related to Epstein accounts, including responses to negative media alerts. A July 2018 document shows Oldfield's involvement in addressing Fircosoft compliance alerts for account beneficiaries.
The archive contains multiple references to Oldfield facilitating large wire transfers from Epstein accounts. In January 2016, associate banker JJ Litchford forwarded Oldfield details of a wire transfer from the Haze Trust to Jeffrey Epstein's personal account, then onward to Kellerhals Ferguson law firm in the Virgin Islands, describing the transaction as moving money "From Haze to JE to a law firm."
Visits to Epstein Properties
Manhattan townhouse (9 East 71st Street):
- January 30, 2017 - Meeting at 4:30pm with Todd Stevens, attended by Rich Kahn (schedule and follow-up email)
Other properties: The archive contains no documentation of visits by Oldfield to Epstein's Palm Beach residence, New Mexico ranch, Little St. James island, or Paris apartment.