• FBI investigators confirmed Jeffrey Epstein sexually abused underage girls but found no evidence he ran a sex trafficking ring serving powerful men
• Internal memos show agents told superiors the widely referenced client list does not exist — two days before AG Bondi claimed it was sitting on her desk
• Millions of pages released under the Epstein Files Transparency Act are still being reviewed and may contain evidence investigators overlooked

NEW YORK, NY (TDR) — The FBI spent years searching Jeffrey Epstein’s homes, poring over his bank records and emails, interviewing his victims and tracing his connections to some of the world’s most influential people. What they found — and what they didn’t — challenges narratives that have dominated both sides of the political spectrum since Epstein’s death in 2019.

While investigators collected ample proof that Epstein sexually abused multiple underage girls, they found scant evidence the well-connected financier led a sex trafficking ring serving powerful men, according to an Associated Press review of internal Justice Department records published Saturday. The findings, drawn from prosecution memos, case summaries, FBI interview notes and prosecutor emails, provide the clearest picture to date of the investigation and why authorities ultimately closed it without additional charges.

No Client List, No Trafficking Evidence

The most politically explosive finding concerns the so-called “client list” — a document that has fueled years of speculation, conspiracy theories and political promises on both sides of the aisle.

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On Dec. 30, 2024, roughly three weeks before President Joe Biden left office, then-FBI Deputy Director Paul Abbate reached out through subordinates to ask whether the investigation indicated the client list “does or does not exist.” A day later, an FBI official replied that the case agent had confirmed no client list existed.

Then, on Feb. 19, 2025 — two days before Attorney General Pam Bondi told Fox News the list was “sitting on my desk” — an FBI supervisory special agent wrote an internal memo stating plainly:

“While media coverage of the Jeffrey Epstein case references a ‘client list,’ investigators did not locate such a list during the course of the investigation.”

That timeline raises pointed questions. Bondi went on to tell Fox News viewers that the client list was in her possession and ready for release. Months later, when the Justice Department formally concluded no such list existed, the reversal drew fury from Trump’s own base. Far-right influencer Jack Posobiec posted that it was “incredible how utterly mismanaged this Epstein mess has been.” Conspiracy theorist Alex Jones wrote that “next the DOJ will say ‘Actually, Jeffrey Epstein never even existed.'”

What Investigators Actually Found

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The AP’s review of the newly released records — part of more than 3 million pages released under the Epstein Files Transparency Act — reveals an investigation that was thorough in scope but narrow in what it could prove.

Investigators who searched Epstein’s properties in New York, Florida and the U.S. Virgin Islands seized a multitude of videos, photos and electronic devices. They found CDs, hard copy photographs and at least one videotape containing nude images of females, some of whom appeared to be minors. One device contained 15 to 20 images of commercial child sex abuse material that investigators said Epstein obtained online.

But none of the seized material showed Epstein victims being sexually abused. None showed any males with any of the nude females. And none contained evidence implicating anyone other than Epstein and Ghislaine Maxwell, his longtime confidant who is now serving a 20-year prison sentence.

“Had they existed, the government would have pursued any leads they generated. We did not, however, locate any such videos.”

That was then-Assistant U.S. Attorney Maurene Comey writing in an email to FBI officials last year, directly contradicting Bondi’s earlier claim that the FBI was reviewing “tens of thousands of videos” showing Epstein “with children or child porn.”

Investigators also scoured Epstein’s bank records and financial transactions. They found payments to more than 25 women who appeared to be models — but no evidence that Epstein was prostituting women to other men. An examination of payments he made to entities linked to influential figures in academia, finance and global diplomacy found no connection to criminal activity, according to an internal 2019 memo.

The Giuffre Complication

Among the most consequential findings involves Virginia Roberts Giuffre, whose allegations against Epstein and powerful men — including Britain’s former Prince Andrew — drove much of the public narrative around the case.

Investigators confirmed that Giuffre was sexually abused by Epstein. But other elements of her account proved problematic. Giuffre acknowledged writing a partly fictionalized memoir of her time with Epstein containing descriptions of events that didn’t take place. She offered shifting accounts across multiple interviews with investigators. Prosecutors wrote that she had:

“Engaged in a continuous stream of public interviews about her allegations, many of which have included sensationalized if not demonstrably inaccurate characterizations of her experiences.”

Two other Epstein victims who Giuffre claimed were also “lent out” to powerful men told investigators they had no such experience, according to a 2019 internal memo.

Giuffre, who died last year, had settled a lawsuit with Andrew — now known as Andrew Mountbatten-Windsor — in which she accused him of sexual misconduct. In a memoir published after her death, she wrote that prosecutors told her they excluded her from the Maxwell case because her allegations could distract the jury. She insisted her accounts of being trafficked to powerful men were true.

U.S. prosecutors did attempt to arrange an interview with Andrew, but he refused to make himself available. British Prime Minister Keir Starmer suggested in February that Andrew should tell American investigators what he knows.

Potential Charges That Never Came

The investigation did examine whether others should face prosecution. Agents said “four or five” Epstein accusers claimed other men or women had sexually abused them, but there “was not enough evidence to federally charge these individuals, so the cases were referred to local law enforcement.”

Prosecutors weighed charging one of Epstein’s longtime assistants but concluded that while she helped Epstein pay girls for sex and may have known some were underage, she herself was a victim of his abuse and manipulation.

They also examined Epstein’s relationship with French modeling agent Jean-Luc Brunel, who was accused of sexually assaulting women in Europe. Brunel killed himself in a French jail while awaiting trial on rape charges. Prosecutors considered charging one of Epstein’s girlfriends who participated in sexual acts with some victims.

In each case, the evidence fell short of what prosecutors determined was needed for federal charges.

The Political Fallout

The findings land in a political environment where the Epstein case has become a weapon wielded by both parties. Trump and his allies campaigned on promises to release the files and expose powerful people. When the initial document releases failed to deliver the explosive revelations Trump’s base expected, it fueled anger directed at Bondi and FBI Director Kash Patel.

“We’ve reviewed all the information, and the American public is going to get as much as we can release. He killed himself. Do you really think I wouldn’t give that video evidence to you, if it existed?”

That was Patel on the Joe Rogan Experience last June, attempting to tamp down expectations after the administration’s own review concluded the most sensational claims couldn’t be substantiated.

Democrats, meanwhile, have used the botched rollout to accuse Trump of exploiting victims for political gain. The DOJ’s July 2025 memo — which concluded no client list existed, no credible evidence supported blackmail claims, and Epstein’s death was a suicide — drew criticism from both sides.

“One of our highest priorities is combatting child exploitation and bringing justice to victims. Perpetuating unfounded theories about Epstein serves neither of those ends.”

That was the Justice Department’s own assessment, included in the two-page memo that effectively closed the door on the theories that had animated public discourse for years.

What the Files Don’t Settle

The AP and partner organizations from CBS, NBC, MSNBC and CNBC are still reviewing the millions of pages released under the Transparency Act, and it is possible those records contain evidence overlooked by investigators. The files have already put numerous high-profile figures in an unwanted spotlight, and additional names may still surface.

There are also questions the files cannot answer. The investigation’s inability to find corroborating evidence for trafficking allegations doesn’t prove those allegations are false — it proves the FBI couldn’t build prosecutable federal cases. The distinction matters, particularly for victims who maintain their accounts are truthful.

What the documents do establish, at minimum, is a gap between what the public was told to expect and what investigators actually found. The “client list” that animated campaign promises, cable news segments and social media conspiracy theories across the political spectrum appears never to have existed — and the FBI knew that before the loudest promises were made.

With 3 million pages still under review, do the Epstein files represent a thorough investigation that found the limits of provable evidence — or a system that failed to hold powerful people accountable for crimes it couldn’t document?

Sources

This report was compiled using information from the Associated Press’ review of internal Justice Department records, Fortune’s coverage of the FBI investigation findings, PBS NewsHour’s reporting on the AP takeaways and earlier coverage of the DOJ client list memo, the Times Union’s analysis of the FBI investigation, ABC News’ reporting on the DOJ review, WDBJ7’s coverage of the AP findings, France 24’s reporting on the Epstein files’ global impact, the Wikipedia overview of the Epstein files timeline, and Newsweek’s coverage of Mark Mitchell’s warnings about political fallout.

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