--- category: Private Organization created: 2026-06-20 location: St. Thomas, U.S. Virgin Islands summary: Southern Trust Company was Jeffrey Epstein's U.S. Virgin Islands entity that obtained large territorial tax benefits by claiming to run a DNA-database and data-mining business the Virgin Islands later alleged it never actually conducted. tags: - Organization - JeffreyEpstein - VirginIslands - SouthernTrust - TaxFraud - GovernmentCapture - ShellCompany updated: 2026-06-20 --- Southern Trust Company was a U.S. Virgin Islands corporation controlled by [Jeffrey Epstein](/people/jeffrey-epstein/), formed around 2012 and 2013 as the successor to his earlier territorial entity Financial Trust Company. It applied to the Virgin Islands Economic Development Authority in October 2012 for benefits under the Economic Development Commission program and received a ten-year incentive package, on the representation that it would build a DNA-database and data-mining, or "informatics," business. A January 2020 civil enforcement complaint by the territory's [Attorney General](/people/denise-george/) alleged that the company conducted no such business and existed to fund Epstein's criminal activity and properties, and the 2022 settlement with his estate required repayment of roughly 80 million dollars in the benefits it had obtained.[^1][^2] ### Formation and the Economic Development Commission Benefits Epstein's territorial operation began with Financial Trust Company, which he relocated to the U.S. Virgin Islands in 1996 and used as the principal company managing his wealth and client investments. Southern Trust Company followed roughly a decade and a half later. The company applied to the Virgin Islands Economic Development Authority in October 2012 and received a package running from February 1, 2013 through January 31, 2023 that included a 90 percent exemption from income taxes and 100 percent exemptions from gross-receipts, excise, and withholding taxes.[^1][^3] To qualify, Southern Trust represented that it would operate a consulting service mining DNA and financial data for a global clientele, a database that, according to the application, would let pharmaceutical companies and physicians use Epstein's mathematical models to test drug protocols. The Economic Development Commission program conditions large tax reductions on a beneficiary maintaining a qualifying business and meeting employment and investment requirements in the territory. The Virgin Islands later alleged that the company never built or operated the represented informatics business.[^1][^3] The complaint and JPMorgan's later filings alleged that Southern Trust instead functioned as a conduit, processing payments to foreign women, covering credit cards, aircraft, and other instrumentalities, and compensating personnel within Epstein's network of entities. The same filings alleged that Epstein associates, including the office manager [Cecile de Jongh](/people/cecile-de-jongh/), wife of then-governor John de Jongh, were employed by the company and worked to keep it in compliance so the benefits continued.[^1][^4] ### The Fraud Allegation and the Settlement The January 2020 complaint, brought in the Superior Court of the Virgin Islands as Government of the United States Virgin Islands v. Estate of Jeffrey E. Epstein under the territory's Criminally Influenced and Corrupt Organizations Act, alleged that Southern Trust fraudulently obtained its tax benefits by misrepresenting its business to the Economic Development Authority. The Attorney General amended the action to add the estate co-executors Darren Indyke and Richard Kahn, Southern Trust Company, and other Epstein-created entities as co-defendants.[^2][^5] On December 1, 2022 the territory announced a settlement with the Epstein estate for more than 105 million dollars in cash, plus half the proceeds of the sale of [Little St. James](/places/little-st-james/) and a payment of 450,000 dollars for environmental remediation at [Great St. James](/places/great-st-james/). The settlement required the estate to return more than 80 million dollars in tax benefits that the territory said Southern Trust had obtained fraudulently to fund Epstein's criminal activity. The Attorney General Denise George stated that the settlement restored the faith of the people of the Virgin Islands that its laws would be enforced against those who break them.[^2][^6] The entity figured again in the territory's separate December 2022 suit against [JPMorgan Chase](/organizations/jpmorgan-chase/), which alleged that the bank serviced the Epstein network of companies, including Southern Trust and Financial Trust, while ignoring evidence of trafficking. That case settled in September 2023 for 75 million dollars to the Virgin Islands, and the bank separately paid 290 million dollars to Epstein's victims. The tax benefits at issue were scheduled to expire on January 31, 2023, the same period in which the territory's enforcement actions concluded.[^4][^6] [^1]: "U.S.V.I. Sues JPMorgan Chase for Facilitating Epstein Trafficking." *Tax Notes* (reproducing the complaint), December 2022; Government of the United States Virgin Islands v. JPMorgan Chase Bank, N.A., No. 1:22-cv-10904 (S.D.N.Y. 2022). [^2]: "U.S. Virgin Islands Attorney General Settles Sex Trafficking Case Against Estate of Jeffrey Epstein and Co-Defendants for Over $105 Million." *Government of the U.S. Virgin Islands Department of Justice,* December 1, 2022. https://usvidoj.com/u-s-virgin-islands-attorney-general-settles-sex-trafficking-case-against-estate-of-jeffrey-epstein-and-co-defendants-for-over-105-million/ [^3]: "JPMorgan: EDA had 'little to no diligence' over Epstein tax benefits." *Virgin Islands Daily News,* 2023. https://www.virginislandsdailynews.com/news/jpmorgan-eda-had-little-to-no-diligence-over-epstein-tax-benefits/article_1fe46263-1561-5ec7-b5c7-c395bdc91665.html [^4]: "JPMorgan alleges wife of U.S. Virgin Islands' ex-governor aided Jeffrey Epstein's criminal activity." *NBC News,* May 24, 2023. https://www.nbcnews.com/news/us-news/jpmorgan-alleges-ex-virgin-islands-first-lady-aided-jeffrey-epstein-rcna86365 [^5]: Government of the United States Virgin Islands v. Estate of Jeffrey E. Epstein, No. ST-20-CV-14 (V.I. Super. Ct., filed January 15, 2020), brought under the Criminally Influenced and Corrupt Organizations Act, 14 V.I.C. sections 600 to 614. [^6]: "U.S. Virgin Islands reaches a $105M settlement with Jeffrey Epstein's estate." *NPR,* December 1, 2022. https://www.npr.org/2022/12/01/1140096222/jeffrey-epsteins-estate-reaches-a-105m-settlement-with-the-u-s-virgin-islands ; "Epstein Estate to Pay U.S. Virgin Islands Over $105 Million." *Rolling Stone,* November 30, 2022. https://www.rollingstone.com/culture/culture-news/jeffrey-epstein-estate-virgin-islands-settlement-1234639327/