[GRADE A1/A2/B — Neo4j graph (N10, N11, N12), DugganUSA (C04), NYDFS consent order, news reporting (W05)]
The Butterfly Trust was founded on December 27, 2006 — during Epstein's criminal proceedings in Palm Beach (C04 DugganUSA confirmation). This timing is analytically significant: the trust was established while Epstein faced sex trafficking charges, suggesting asset protection as a possible motivation.
The trust was opened at Deutsche Bank on October 9, 2013, with checking and money market accounts. Darren Indyke is listed as primary contact with signatory rights. Four separate KYC (Know Your Customer) reviews were conducted by Deutsche Bank — all approved — despite the reviews occurring after Epstein's 2008 conviction and sex offender registration.
The Butterfly Trust appears across four distinct node types in four datasets (55 rows returned):
| Node Type | Dataset | Key Relationships |
|---|---|---|
| Person | epstein-network | MENTIONED_IN 6 EFTA documents; CO_APPEARED_WITH Indyke, Kahn, Epstein |
| Organization | nydfs-db-order | LINKED_TO Jeffrey Epstein |
| Officer | ICIJ | LINKED_TO_OFFSHORE connections to CARDOON FINANCE S.A. |
| OffshoreEntity | ICIJ | Additional offshore network links |
Composite name nodes confirm beneficiaries: "karyna shuliak – beneficiary of butterfly trust" and "darren k. indyke beneficiary of butterfly trust."
Neo4j query N11 reveals the CARDOON FINANCE S.A. neighborhood:
EL PORTADOR translates from Spanish as "the bearer" — the term used in bearer share instruments where ownership is determined by physical possession of the certificate, not a registered name. The four EL PORTADOR links to CARDOON FINANCE indicate a deliberate bearer share structure designed to obscure beneficial ownership.
The Butterfly Trust two-hop traversal (N12) returned 60 rows but only one genuine connection chain: BUTTERFLY TRUST → Officer → CARDOON FINANCE S.A. All other results are ICIJ false positives from fuzzy name matching (Malta addresses, Singapore registrations, and other "Butterfly"-containing entity names worldwide).
[GRADE A1 — NYDFS consent order, W05 reporting]
DugganUSA records (300 Butterfly Trust matches) document:
Corpus mining (C06) identified nine distinct trust structures in the documentary record:
Additionally, the "CC Trusts" designation appears in estate correspondence, and the 1953 Trust (signed August 8, 2019) may represent a tenth instrument or a consolidation.
A related finding: corpus mining (C06) documents a Chomsky trustee dispute spanning November 2017 through August 2018, involving Noam Chomsky and estate-related trust administration. Six distinct will versions were also identified, each with different executor designations.
WHAT THIS SHOWS AND DOES NOT SHOW: The Butterfly Trust anatomy reveals a deliberate offshore structure: a Deutsche Bank trust linked through ICIJ records to CARDOON FINANCE S.A. and EL PORTADOR bearer share entities in Panama. The bearer share structure is specifically designed to obscure ownership. The founding date (December 27, 2006, during criminal proceedings) and the four passed KYC reviews suggest both asset protection planning and banking compliance failures. This does NOT establish that Shuliak or Indyke (the listed beneficiaries) were aware of or directed the offshore structure.