[GRADE A1 — Email chain]
April 30, 2014. Epstein to Tazia Smith, cc Vinit Sahni, Nav Gupta, Morris, Richard Kahn, Vahe Stepanian:
"copper not working, call suggestion on euro would have been a bust."
Morris: "what are we recommending on the copper?"
WHY THIS MATTERS: Epstein had a direct email relationship with the London KCP team — Sahni and Gupta were receiving Epstein's real-time trade evaluations and pushback. Epstein was not routing through Morris or Smith as intermediaries; he was emailing the KCP team directly. This strengthens Sahni as CTM-1: the consent order describes CTM-1 as a coverage team member who escalated trading matters. Here, Sahni is receiving direct Epstein trade direction — exactly the relationship pattern that would lead to CTM-1's escalations.
Nav Gupta (Managing Director, Deutsche Bank AG London, KCP Capital Markets) confirmed on the same copper trade email chain alongside Sahni. Gupta was part of the London KCP trio (Sahni/Gupta/Verma) that collectively serviced Epstein's structured products and options business. The copper trade email places both Sahni and Gupta as direct recipients of Epstein trade direction — not just CC'd on internal communications but receiving Epstein's assessments of DB's trade recommendations.