Vahe Stepanian

Vahe Stepanian served as a private banker in Deutsche Bank's Key Client Partners division, where he was part of the team servicing Jeffrey Epstein's accounts from 2013 through at least 2020. The archive documents 9,816 emails spanning July 2013 to October 2023, with Stepanian appearing as sender in 2,752 messages. Stepanian's primary role involved executing trades, providing market intelligence, and coordinating investment opportunities for Epstein's entities, particularly Southern Financial LLC and related accounts. His correspondence shows extensive involvement in equity trades, derivatives, foreign exchange transactions, and alternative investment pitches conducted on behalf of Epstein through Deutsche Bank.

Internal Deutsche Bank documents reveal that Stepanian was formally designated as an Associate on the KCP-US Capital Markets Team and served as the primary officer for The Haze Trust, one of several Epstein-controlled entities he managed. Stepanian explicitly acknowledged the accounts were "high risk from an AML perspective" and was directly involved in responding to anti-money laundering compliance alerts, including a December 2016 inquiry concerning over $36 million in suspicious transactions through The Haze Trust related to art purchases. FBI interviews of his colleague Amanda Kirby revealed that she had to remind Stepanian not to refer to the accounts by Epstein's name due to "sensitivity regarding Epstein's criminal past."

According to public records, Stepanian worked at Deutsche Bank in New York for nearly nine years before moving to J.P. Morgan's Private Bank as a Vice President, where he focused on wealth management for ultra-high net worth clients. He later joined Cetera Financial Group as Director of Corporate Development. A FINRA disclosure from 2014 notes a client complaint against Stepanian while at Deutsche Bank Securities alleging failure to follow instructions regarding covered call positions, with claimed damages of $1 million, though the complaint was denied. Stepanian holds a degree from the University of Michigan's Ross School of Business (2005-2009).

Background#

Vahe Stepanian graduated from the University of Michigan's Stephen M. Ross School of Business between 2005 and 2009. He joined Deutsche Bank Securities Inc. in New York, working in the Key Client Partners division—a unit of Deutsche Bank Wealth Management serving sophisticated institutional investors and ultra-high net worth individuals. His role involved trade execution, investment advisory support, and relationship management for private clients.

A September 2014 internal KCP-US Capital Markets Build-Out document formally lists "Vahe Stepanian – Associate" as part of the "KCP-US Capital Markets Team" alongside Daniel Sabba (Director) and Jay Lipman (Analyst). The document outlines the team's mandate as including "Trade Idea Generation, Market Content and Delivery, Trade Execution, Account Monitoring, Cross Sell, New Client Generation." Stepanian was designated as a point person for multiple infrastructure initiatives including "Internal Connectivity" (with Nav Gupta and Daniel Sabba), "Pricing Models, Valuation and Trading Systems," "Streamline Account Set-Up" (with Ziggy Kozelsky and Mathew Negus), and "Reporting" (with Daniel Sabba and Mathew Negus).

His email signatures show his title evolution from "Associate | Wealth Investment Coverage" in January 2014 to "Associate I Key Client Partners" by October 2014. The Build-Out document lists Jeffrey Epstein as one of approximately twelve primary client relationships that the Capital Markets team covered, alongside Leon Black (through "Elysium Capital"), Chris Shumway, Vulcan Capital (Paul Allen), and others. Epstein's approximate net worth was internally assessed at $2 billion with $160 million in KCP assets under management and $102,000 in year-to-date revenue as of September 2014.

According to his professional profile, Stepanian spent nearly nine years at Deutsche Bank before transitioning to J.P. Morgan's Private Bank in New York as a Vice President in 2018. At J.P. Morgan, he provided comprehensive wealth management solutions to ultra-high net worth individuals, family offices, executives, and entrepreneurs, advising on asset allocation, capital strategies, and banking needs. He currently serves as Director of Corporate Development at RIA Acquisitions within Cetera Financial Group.

Stepanian has been involved with Armenian-American charitable organizations, serving on the endowment committee of the Armenian Assembly of America. His FINRA BrokerCheck record shows one customer complaint from November 2014 while at Deutsche Bank Securities, alleging he failed to follow instructions to roll covered call positions on options, with alleged damages of $1 million. The complaint was denied and closed in May 2015.

Awareness of Epstein's High-Risk Status#

Documents reveal that Stepanian was keenly aware of the heightened compliance scrutiny surrounding Epstein's accounts and their classification as high-risk from an anti-money laundering perspective. In a January 29, 2016 email, Stepanian wrote: "As per your previous back/forth with Wayne Salit - each time this relationship (i.e. Southern Financial) requests a new account, we must get sign off beforehand... Ultimately this is a high risk account from an AML perspective."

FBI interview records of Stepanian's colleague Amanda Kirby document the internal protocols surrounding Epstein's identity. Kirby told investigators that "VAHE STEPANIAN was on the brokerage team that had accounts with EPSTEIN" and that she "understood that she wasn't to refer to these accounts by EPSTEIN's name because part of the training she received was that you had to keep client confidentiality." The FBI report notes: "There may have been sensitivity regarding EPSTEIN's criminal past and not referring to the account as EPSTEIN's account." Kirby specifically stated that she had to remind Stepanian about these confidentiality protocols.

When Deutsche Bank's Reputational Risk Committee reviewed the opening of the Gratitude America Ltd account in January 2016, Daniel Sabba informed the team that "the committee has informed us DB personnel cannot disclose to the client this matter is being evaluated for reputation matters." Stepanian was involved in drafting the explanation, writing on February 1, 2016: "Jeffrey E. Epstein was listed as initial president of Gratitude America Ltd, therefore, we wanted to make sure to go through the proper channels such that risk is mitigated from the bank's perspective."

Correspondence with Epstein#

Stepanian's correspondence in the archive spans from July 2013 to October 2023, though the relationship was most active from 2013 through mid-2018. His emails primarily concerned Southern Financial LLC, the Epstein-controlled entity that maintained brokerage accounts at Deutsche Bank beginning in August 2013. Stepanian worked closely with Paul Morris, Stewart Oldfield, Tazia Smith, Daniel Sabba, and Ariane Dwyer on the Deutsche Bank team servicing these accounts.

Stepanian's role was primarily operational and transactional. He sent frequent trade confirmations directly to Epstein's email address ([email protected]), documenting equity purchases and sales. Example trade reports include purchasing 150,000 shares of Apple at $98.89 in September 2014, buying 24,230 shares of FMI at $23.19 in August 2014, and selling 1,453 shares of JPMorgan at $59.90 in October 2014. These confirmations were typically copied to Richard Kahn, Epstein's financial manager at HBRK Associates.

Beyond trade execution, Stepanian provided market updates and portfolio analysis. In August 2014, he flagged to Kahn that Epstein's Southern Financial account had "sizeable gains" given the rally and noted positions in AAL, AAPL, BIIB, FB, GILD, MBLY, SGMO, and TWTR that might warrant taking profits with the S&P 500 above 2,000. He coordinated with the broader Deutsche Bank team on derivatives strategies, including foreign exchange options and total return swaps on equities like Twitter.

In August 2015, Stepanian managed margin calls for Southern Financial, writing: "Daniel — we need to schedule a meeting with Troy and Roddy. Working with CRM has been difficult in your absence, and we need to determine best practices going fwd." Daniel Sabba later explained: "As we reviewed the margin calls last week, Ari and Vahe identified the error — this is how we were able to flag to Roddy the collateral was not feeding correctly." The margin call required transfer of AAPL shares to cover a "$2,735,000 shortfall including today's call." Stepanian also managed Twitter total return swap margin requirements, noting "The IA requirement would increase from 30% to 35% if you were to unwind the short TWTR call but maintain your TRS."

From April through May 2018, Stepanian took a more active role marketing investment opportunities to Paul Barrett, who by then was managing Epstein's money through Alpha Group Capital LLC. Barrett had left JPMorgan in 2017 to establish this firm and trade on Epstein's behalf. Stepanian pitched Barrett on RIN (Real Infrastructure Now) II, a Deutsche Wealth Management infrastructure debt fund seeking a first close by June 14, 2018. When Barrett expressed interest but noted "JE is very focused on liquidity right now", Stepanian provided detailed answers about the fund's construction risk mitigants and security packages, explaining that 85% of the portfolio would be operational assets.

Stepanian also marketed Glendower Capital Secondary Opportunities Fund IV, a secondary private equity vehicle, to Barrett in May 2018. He coordinated with Stewart Oldfield in arranging these pitches, and the correspondence shows Barrett considering whether opportunities were attractive given Epstein's liquidity preferences. Stepanian attended the Frieze Art Fair in May 2018 with Barrett, following up afterward: "great seeing you yesterday at Frieze, hope you enjoyed the fair." Internal correspondence from April 2014 references a "freize dinner on thurs" (Frieze art fair dinner) in correspondence among Morris, Kirby, and Stepanian regarding "Black Follow Ups."

In June 2018, Stepanian was copied on internal Deutsche Bank emails breaking down Southern Financial's year-to-date profit and loss, which totaled $165,841 across various trading activities including equity, bonds, foreign exchange ($32,394), and rates ($40,488). The detailed P&L accounting demonstrates the bank's close tracking of revenues generated from Epstein's accounts.

From 2013 through 2015, Stepanian was copied on numerous structured trade proposals and confirmations. He coordinated with colleagues on margin calls for Southern Financial, worked with the alternatives investment suitability team on approvals for fund materials, and was included on discussions about Epstein's trading capabilities and ISDA documentation needs in 2017.

Stepanian's final documented involvement appears in September 2020, when Ariane Dwyer sent him and others ISDA amendments for Southern Financial and Southern Trust to forward to Darren Indyke and Richard Kahn.

Anti-Money Laundering Compliance and The Haze Trust#

Stepanian was formally designated as the primary officer for The Haze Trust (Account# N4G024943), one of several Epstein-controlled entities at Deutsche Bank. In December 2016, he was directly involved in responding to an AML compliance alert (Alert# SAM1788880) concerning suspicious transactions totaling over $36 million. The alert notification stated: "YOU ARE BEING CONTACTED BECAUSE YOU ARE LISTED AS THE PRIMARY OFFICER FOR THIS ACCOUNT ON GCIS."

The flagged transactions included:

• Incoming: $6,186,980.68 from HSBC Securities Services (Ireland) DAC (October 27, 2016)
• Outgoing: $25,000,000 to AP Narrows Holding LP/BMO Trustee (November 23, 2016)
• Outgoing: $5,000,000 to LDB 2011 LLC/BMO Trustee (November 23, 2016)

When the AML team inquired about these transactions, Stepanian initially responded: "We don't know the answer. Are we supposed to reach out to client about this?" He subsequently provided initial answers indicating the purpose of the outgoing transfers was "Purchase of Art" and that "the beneficiary in this situation is an escrow account in which the cash will be held until art is delivered." Stewart Oldfield provided additional context to the AML team: "Client is a billionaire. It's not like this is a specific $6mm of his. Most of his wealth comes from investments and advisory fees."

The AML team had to send three urgent follow-up requests before receiving a complete response. The alert remained open from December 2 to December 21, 2016. Zbynek Kozelsky ultimately told AML that the $6.2 million incoming wire was "capital distribution from King Street Capital, which is one of their partnership investments." The correspondence establishes that The Haze Trust was used for major art purchases on Epstein's behalf, with beneficiary identified as "our client Jeffery Epstein as the originating party and the art purchaser."

KYC Review and Off-Boarding of Southern Financial LLC#

In November 2016, Stepanian was the primary point of contact for a High Risk KYC Request for Southern Financial LLC (CRDS ID: 1007406812). The request required detailed information about source of funds, source of wealth, purpose of relationship, and other know-your-customer items. On November 14, 2016, Stepanian asked Todd Stevens for two more weeks, stating he wanted to be "thoughtful about our follow up."

After a week of internal deliberation, Stepanian made a significant decision. On November 16, 2016, he informed the KYC team: "We will be off-boarding Southern Financial LLC from the Global Markets platform, thus no need to proceed with the KYC request." This meant that rather than completing the high-risk KYC review, the team chose to off-board the entity from the Global Markets platform, thereby avoiding the compliance requirement.

When Stepanian forwarded this decision to Mark Whyman, Whyman asked "Out of interest, what caused this?"—suggesting the off-boarding was unexpected. The correspondence shows that Todd Stevens had instructed: "Tell them we are discussing internally this week. We need 2 more weeks," and Daniel Sabba had told Stevens: "Todd let's discuss how to respond" regarding the KYC request.

This November 2016 off-boarding decision is a critical moment in Deutsche Bank's handling of the Epstein relationship, as the team chose to restructure the account arrangements rather than submit to enhanced due diligence scrutiny.

Gratitude America Ltd Account Opening#

In January 2016, Stepanian was involved in the process of opening an account for Gratitude America Ltd, a 501(c)(3) entity connected to Epstein. The account opening required review by Deutsche Bank's Reputational Risk Committee because Jeffrey Epstein was listed as president of Gratitude America Ltd in the entity's original articles of incorporation, and Epstein was listed as the source of funds in the initial KYC done by Paul Morris's team.

Daniel Sabba informed the team that "the committee has informed us DB personnel cannot disclose to the client this matter is being evaluated for reputation matters" and instructed them to tell the client they were conducting "internal due diligence to review the opening of this account, as it is done with all new accounts." Todd Stevens expressed concern: "Your call. I don't want to put his other balances with us a risk." Paul Morris questioned the account opening: "Todd, is it worth going through this exercise? he's not getting coverage from your team anyway, it costs $1000 per entity and I would not expect a lot of trading from this account."

On February 1, 2016, Stepanian drafted an explanation for the account opening: "Jeffrey E. Epstein was listed as initial president of Gratitude America Ltd, therefore, we wanted to make sure to go through the proper channels such that risk is mitigated from the bank's perspective." The correspondence demonstrates that even routine account openings for Epstein-linked entities triggered heightened internal review processes due to his criminal background.

Leon Black Account Connection#

In April 2014, Stepanian was directly involved in establishing accounts at Deutsche Bank for Leon Black that would replicate the structure of Epstein's accounts. An April 28, 2014 email from Tazia Smith to Paul Morris, copying Amanda Kirby and Vahe Stepanian, subject "Black Follow Ups week of 4/28," reveals:

• "Leon opened a personal account, easier for ISDA negotiation than an entity"
• The team planned to "emulate SOFL's [Southern Financial LLC's] terms" for Leon Black's account to "greatly accelerate the process"
• Stepanian was assigned specific tasks: "Tazia/vahe/Jay - plan out all information required and prepare all documents for account to mirror Jeffrey's (AWM and CB&S)"
• The team was coordinating with "Eileen/Darren" (likely Darren Indyke) for Black's accounts

The September 2014 KCP Build-Out document confirms that both "Jeffrey Epstein" and "Elysium Capital (Leon Black)" were primary client relationships managed by Paul Morris as relationship manager. FBI interview records of Amanda Kirby note that Kirby "recalled doing some research and preparing documents to open an account for LEON BLACK" and that "PM was looking to be introduced to LB." Kirby stated she "does not believe LB's relationship was managed under the JE umbrella" but that "LB may have been onboarded as a client at one point."

This April 2014 assignment to replicate Epstein's account structure for Leon Black demonstrates how the Epstein relationship served as a template for other ultra-high net worth client relationships within Deutsche Bank's Key Client Partners division.

Entities Serviced#

Stepanian's correspondence documents his involvement with multiple Epstein-controlled entities beyond the primary Southern Financial LLC brokerage account:

Southern Financial LLC - The primary trading entity, for which Stepanian executed equity trades, managed margin calls, and coordinated derivatives transactions. He explicitly noted it was "high risk from an AML perspective" and that each new account request required sign-off beforehand.

Southern Trust Company, Inc. - Referenced in ISDA amendments that Stepanian helped coordinate in September 2020.

The Haze Trust (Account# N4G024943) - Stepanian served as the primary officer for this trust account, which was used for over $30 million in art purchases in late 2016, including a $25 million transfer to AP Narrows Holding LP/BMO Trustee and a $5 million transfer to LDB 2011 LLC/BMO Trustee.

The Butterfly Trust - Another Epstein trust entity managed by the team, mentioned in FBI interview records.

Gratitude America Ltd - A 501(c)(3) entity for which Stepanian was involved in the account opening process in January-February 2016, which required reputational risk committee review because Epstein was listed as the initial president.

The September 2014 KCP Build-Out document also shows Stepanian's team provided coverage for Elysium Capital (Leon Black), for which Stepanian helped prepare account documents to mirror Epstein's account structure in April 2014.

Connections#

Stepanian's correspondence places him within Deutsche Bank's Key Client Partners team servicing Epstein. His most frequent co-correspondents included:

Paul Morris (4,696 shared emails) served as Managing Director of Deutsche Bank Private Bank and was a senior figure on the Epstein relationship team. Morris directed trading strategy and oversaw the account's profitability.

Stewart Oldfield (3,723 shared emails) was a Director at Deutsche Bank Trust Company Americas focused on alternative investments. He coordinated with Stepanian on pitching private equity, infrastructure, and other illiquid strategies to Epstein's representatives. In the December 2016 Haze Trust AML alert, Oldfield characterized Epstein's wealth to compliance by stating: "Client is a billionaire. It's not like this is a specific $6mm of his. Most of his wealth comes from investments and advisory fees." After their AML compliance discussion, Stepanian proposed to Oldfield: "Also, you mentioned last week you wanted to catch up. I'm around until Fri afternoon — off next week. Relatively open the next few days if you want to grab a coffee or a quick drink?" They arranged to meet for drinks at 4:30-5:30pm the following day.

Richard Kahn (3,443 shared emails), operating through HBRK Associates, served as Epstein's day-to-day financial manager and was copied on virtually all trade confirmations and investment communications.

Daniel Sabba (3,106 shared emails) was listed as Director on the KCP-US Capital Markets Team in the September 2014 Build-Out document and worked closely with Stepanian on derivatives, structured products, and market analysis for the Epstein accounts. Sabba was involved in navigating the reputational risk review processes and KYC compliance matters.

Tazia Smith (2,495 shared emails) was a Director in Key Client Partners who coordinated equity trading and IPO allocations, working alongside Stepanian on execution. Smith assigned Stepanian tasks in the April 2014 "Black Follow Ups" to prepare Leon Black's account documents.

Ariane Dwyer (1,756 shared emails) was an Analyst in Key Client Partners who assisted with research, confirmations, and administrative coordination for the team.

Amanda Kirby worked on the brokerage team with Stepanian. In her August 10, 2021 FBI interview, Kirby stated "STEPANIAN was junior on the brokerage side and interacted with KIRBY a lot" and that she had to remind him about protocols for not referring to accounts by Epstein's name due to "sensitivity regarding EPSTEIN's criminal past."

Darren Indyke (657 shared emails), Epstein's longtime attorney, received various account documents and confirmations that Stepanian helped prepare or transmit.

Paul Barrett (apparent in 2018 correspondence) was the former JPMorgan banker who established Alpha Group Capital to manage Epstein's investments after leaving JPMorgan in 2017. Stepanian pitched Barrett investment opportunities and coordinated meetings at Deutsche Bank's offices.

Zbynek Kozelsky was listed alongside Stepanian as a point person for "Streamline Account Set-Up" initiatives in the KCP Build-Out document and provided explanations to AML compliance regarding The Haze Trust transactions.

Document References#

Stepanian appears in numerous Department of Justice investigative documents as part of the paper trail documenting Deutsche Bank's financial relationship with Epstein. A trade report from September 2014 shows Stepanian confirming Epstein's purchase of 150,000 Apple shares at $98.89, with the order originating from Epstein's early morning email: "buy 150,00 apple appl on open." A June 2014 document shows Stepanian explaining a zero-cost EUR/USD collar trade to Richard Kahn, detailing strikes and expiries for foreign exchange options. An August 2014 email forwarded by Kahn to Epstein contains Stepanian's portfolio analysis noting "sizeable gains" in Southern Financial's equity positions.

The September 2014 KCP-US Capital Markets Build-Out document provides a comprehensive view of Stepanian's formal role and responsibilities, listing him as Associate alongside his mandates for trade idea generation, execution, account monitoring, cross-selling, and new client generation. The document lists Epstein among twelve primary client relationships with an internally assessed net worth of $2 billion, $160 million in KCP assets under management, and $102,000 in year-to-date revenue as of September 2014.

The December 2016 AML alert for The Haze Trust documents Stepanian's designation as primary officer for the account and his role in responding to compliance inquiries about over $36 million in transactions related to art purchases. Related documents show the three urgent follow-up requests from AML compliance before the team provided complete responses.

The November 2016 correspondence regarding the High Risk KYC Request and Stepanian's subsequent decision to off-board Southern Financial LLC from Global Markets documents a critical moment when the team chose to restructure account arrangements rather than complete enhanced due diligence.

The January-February 2016 correspondence regarding Gratitude America Ltd shows Stepanian's involvement in navigating the reputational risk review process for a 501(c)(3) entity where Epstein was listed as initial president.

The April 2014 "Black Follow Ups" email from Tazia Smith documents Stepanian's assignment to prepare Leon Black's account documents to "mirror Jeffrey's (AWM and CB&S)," establishing a direct connection between the Epstein and Black relationships at Deutsche Bank.

The FBI interview report of Amanda Kirby (FD-302, dated August 10, 2021) provides third-party corroboration of Stepanian's role and his awareness of protocols surrounding Epstein's criminal background.

Documents show Stepanian's involvement in executing various trades for Epstein, including a report on closing American Airlines options in October 2014 for an approximate total gain, margin call coordination in August 2015, and ISDA amendments for Southern Financial and Southern Trust in September 2020. The documents establish Stepanian as a consistent point of contact for trade execution and account servicing throughout Deutsche Bank's relationship with Epstein from 2013 onward.

The archive documents were produced pursuant to federal criminal investigations and civil litigation concerning Epstein's financial activities and the banks that facilitated them. Deutsche Bank was fined $150 million by New York State's Department of Financial Services in 2020 for compliance failures related to its Epstein relationship, which officially began in August 2013 when the bank opened brokerage accounts for Southern Trust Company Inc. and Southern Financial LLC.

Visits to Epstein Properties#

No visits to any Epstein-controlled properties are documented in the archive for Vahe Stepanian. His role appears to have been entirely conducted through remote communications—emails, phone calls, and meetings at Deutsche Bank's offices at 345 Park Avenue in New York. One reference indicates he attended the Frieze Art Fair in May 2018 where he encountered Paul Barrett, but this was a public art fair, not an Epstein property.