Shadow Sovereignty: The Epstein Class & Industrial Impunity Pt 2 – Epstein, Bear Stearns, Veritas Capital and The Sale of DynCorp
A vital element in keeping the peace is our military establishment. Our arms must be mighty, ready for instant action, so that no potential aggressor may be tempted to risk his own destruction. . . . American makers of plowshares could, with time and as required, make swords as well. But now we can no longer risk emergency improvisation of national defense; we have been compelled to create a permanent armaments industry of vast proportions. . . . This conjunction of an immense military establishment and a large arms industry is new in the American experience. . . .Yet we must not fail to comprehend its grave implications. . . . In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.
President Dwight D. Eisenhower's Farewell Address – National Archives, 1961This is a continuation of my previous work, while you don't need to read the previous one to read this – you should definitely check it out:
Epstein's Offshore Liquid Funding traced to Military Contractors, Missing Shipping Containers, and the Iraq & Afghanistan Wars
Friends,
Today I bring you more data I have discovered about Epstein and his offshore company Liquid Funding Ltd. from the ICIJ offshore leaks database. This time about a major sale – potentially facilitated by Epstein, of a large pillar of the United State's military industrial complex: DynCorp
The Paradise Papers is a global investigation into the offshore activities of some of the world’s most powerful people and companies.
About the Paradise Papers Investigation – International Consortium of Investigative Journalists November 5th 2017
DynCorp
Founded in 1946 by WWII pilots as California Eastern Airways, the company evolved from an air freight carrier into a massive government services conglomerate. It secured its first Contract Field Teams maintenance award in 1951—a contract it has held for over 70 years—and rebranded as Dynalectron in 1961 to reflect its expansion into electronics and energy. Following a management-led buyout in 1988 to avoid a hostile takeover, the newly named DynCorp pivoted toward the information technology and intelligence sectors throughout the 1990s. After a brief acquisition by Computer Sciences Corporation (CSC) in 2003, it went public in 2006 before ultimately being absorbed by Amentum in 2020.
History of Scandals
DynCorp has a crazy history w/ scandals, you can see by the following timeline I have created:
1980: EAST & The Iran-Contra Scandal
During the 1980s Iran-Contra scandal, Eagle Aviation Services and Technology (EAST) acted as a primary logistics arm for the "Enterprise," an illegal private pipeline overseen by Oliver North to supply arms to the Nicaraguan Contras. Founded by retired Air Force officer Richard Gadd, EAST managed aircraft, delivered ammunition, and constructed a secret airstrip in Costa Rica to bypass congressional bans on aid. While DynCorp was not a direct participant in the original scandal, it inherited this legacy through its subsequent acquisition of EAST and long-term employment of key figures like Gadd to manage high-stakes overseas contracts.
EAST doesn't work directly for the State Department. It is a subcontractor of Dyncorp Aerospace Technology, the military company hired by State to fly and maintain aircraft for counterdrug missions in Colombia.
Anti-drug flights linked to Iran-Contra, Deseret news June 5th 2001
1987-1988: Hostile Takeover & Financial Fraud Allegations
Financier Victor Posner attempted a hostile takeover of the then-named Dynalectron. The company fended him off through a management-led buyout to become employee-owned. During this time, the company faced scrutiny over its financial structures and the use of employee stock ownership plans to facilitate the buyout DynCorp
1999-2002: The Bosnian Sex Trafficking Scandal
Whistleblowers Kathryn Bolkovac and Ben Johnston exposed DynCorp contractors for participating in the sex trafficking of underage girls, including purchasing "slaves" and filming sexual assaults. No criminal charges were filed against the contractors due to jurisdictional gaps
In early 2000, the United States Army Criminal Investigation Command investigated reports that private contractors at a base near Tuzla, Bosnia were purchasing women from brothels and holding them as sex slaves. The investigations revealed that some of the women were as young as twelve years old. The contractors worked for DynCorp, a Virginia-based firm
AVOIDING THE “LEGAL BERMUDA TRIANGLE”: THE MILITARY EXTRATERRITORIAL JURISDICTION ACT’S UNPRECEDENTED EXPANSION OF U.S. CRIMINAL JURISDICTION OVER FOREIGN NATIONALS, K Elizabeth Waits
2001: Plan Columbia
DynCorp was contracted by the State Department to eradicate coca crops in Colombia. Thousands of Ecuadorian farmers filed a class-action lawsuit (Arias v. DynCorp), alleging that the toxic herbicides (glyphosate) sprayed by DynCorp planes drifted across the border, causing widespread illness, birth defects, and the death of legal crops and livestock
Plaintiffs, over two thousand Ecuadorian citizens, allege that airplanes sprayed them and their property with the herbicide glyphosate during an anti-drug fumigation campaign conducted by an American company, defendant DynCorp, in consultation with the U.S. Department of State.
QUINTEROS et al v. DYNCORP et al, Justia Law
2003-2004: Iraq War & Overbilling
Immediately following the 2003 invasion, DynCorp was awarded massive "CIVPOL" contracts to train Iraqi police. Initial audits and whistleblower reports began to emerge regarding excessive billing for luxury accommodations and "phantom" employees.
DynCorp International LLC (DynCorp) has agreed to pay $21 million to resolve False Claims Act allegations that it knowingly submitted inflated subcontractor charges under a State Department contract to train Iraqi police forces, known as the “CIVPOL” contract. DynCorp was a government contractor headquartered in Irving, Texas, and Falls Church, Virginia. Amentum, another government contractor with headquarters in Chantilly, Virginia, purchased DynCorp in November 2020.
DynCorp Agrees to Pay $21 Million to Resolve False Claims Act Lawsuit Alleging Inflated Costs on State Department Contract to Train Civilian Police Forces in Iraq, Office of Public Affairs (Department of Justice)
2005: False Claims Act Allegations
Allegations surfaced that DynCorp and its subcontractor – The Sandi Group, submitted false claims for the construction of container camps in Iraq and "danger pay" that was never actually paid to employees. This resulted in a multi-million dollar settlement
Dyncorp International LLC and its subcontractor, The Sandi Group, were charged with allegations of submitting false claims for payment under Dyncorp’s contract with the Department of State to provide civilian police training in Iraq. The qui tam lawsuit was filed by two former TSG employees, which alleged that Dyncorp was submitting inflated claims for the construction of container camps at various locations in Iraq and that TSG was seeking reimbursement for danger pay that it falsely claimed to have paid its U.S. expatriate employees working in Iraq. Dyncorp will pay the United States $7.7 million and TSG will pay $1.01 million.
Dyncorp International LLC and The Sandi Group to Pay $8.7 Million to the U.S. Government, Pietragallo May 6th 2011
2007: Baghdad Taxi Driver Shooting
A DynCorp security guard in a U.S. State Department convoy shot and killed a taxi driver in Baghdad. Witnesses stated the driver posed no threat, fueling intense public scrutiny over the lack of accountability for private contractors in war zones.
An Iraqi taxi driver was shot and killed on Saturday by a guard with DynCorp International, a private security company hired to protect American diplomats here, when a DynCorp convoy rolled past a knot of traffic on an exit ramp in Baghdad, the Iraqi Interior Ministry said Sunday.
Security guard fires, killing Iraqi taxi driver, New York Times November 11th 2007
2011: Sexual Harassment Lawsuit
The EEOC sued DynCorp for sex-based harassment and retaliation, alleging that a female employee was subjected to a hostile work environment and fired after complaining.
DynCorp International, LLC, a United States based private military contractor and aircraft maintenance company, violated federal law by subjecting a male employee to a hostile work environment based on his sex, and by transferring him after he complained, the U.S. Equal Employment Opportunity Commission (EEOC) charged in a lawsuit filed today.
DynCorp International Sued For Sex-Based Harassment And Retaliation, U.S. Equal Employment Opportunity Commission August 17th 2011
2013-2014: Subcontractor Nonpayment & Overcharging
The company faced multiple lawsuits from subcontractors alleging they were not paid for work in Afghanistan, despite DynCorp receiving full payment from the government. Additionally, a 2014 lawsuit alleged the company overcharged the government for an anti-terrorism training program.
Dumitrescu v. DynCorp
A lawsuit filed in the District of Columbia alleged a supervisor fired a male employee for opposing the supervisor’s sexual harassment of a female coworker in Afghanistan
A DynCorp International LLC supervisor at a training center in Afghanistan fired a male employee because he opposed the supervisor’s sexual harassment of a female colleague, according to a lawsuit filed in federal court in the District of Columbia
DynCorp Fired Worker for Opposing Harassment, Lawsuit Says, August 17th 2016
2016-2025: The 'CIVPOL' Inflated Costs Case
In 2016, the Department of Justice sued DynCorp for allegedly knowing its subcontractor, Corporate Bank, was charging "excessive, uncompetitive, and unsubstantiated rates" for hotels and labor in Iraq and passing those costs to the State Department.
DynCorp International LLC (DynCorp) has agreed to pay $21 million to resolve False Claims Act allegations that it knowingly submitted inflated subcontractor charges under a State Department contract to train Iraqi police forces, known as the “CIVPOL” contract. DynCorp was a government contractor headquartered in Irving, Texas, and Falls Church, Virginia. Amentum, another government contractor with headquarters in Chantilly, Virginia, purchased DynCorp in November 2020.
DynCorp Agrees to Pay $21 Million to Resolve False Claims Act Lawsuit Alleging Inflated Costs on State Department Contract to Train Civilian Police Forces in Iraq, Office of Public Affairs (Department of Justice) April 9th 2025
2020: Kickback Settlement
DynCorp paid $1.5 million to settle civil fraud allegations after two officials solicited and accepted kickbacks from a local company in exchange for influencing a property lease in Baghdad in 2011 and 2012.
Josephs v. Amentum Services, Inc. et al, November 19th 2025
2022: Human Trafficking Allegations
A federal judge allowed a whistle-blower suit to proceed against units of Amentum (which now owns DynCorp) alleging human trafficking and labor violations related to past contracts.
district court denied AECOM’s motion to dismiss a qui tam lawsuit claiming it fraudulently obtained contracts intended for small businesses and violated anti-human trafficking laws. The relators alleged that AECOM and DynCorp formed a joint venture through which it fraudulently obtained small business contracts for linguist services in Kuwait. They also alleged that their employer confiscated their passports and would not allow them to leave the country, even after Kuwaiti officials began efforts to deport them. The court previously dismissed AECOM as a defendant, but in their SAC, the relators plausibly alleged that AECOM and DynCorp exercised such control over the small business entity that the corporate veil should be pierced.
Amentum Back in as Defendant in Human Trafficking, Contract Fraud Complaint, March 14th 2022
DynCorp's PAC Contributions to Republicans
DynCorp International has a long history of political giving through its Political Action Committee (PAC) and individual employee contributions.
Historically, these donations have often leaned toward the Republican Party, though the company frequently splits its contributions between both major parties to maintain influence regardless of which is in power.
The IBM Building
The IBM building – located at 590 Madison Ave, is where Bear Stearns, Veritas Capital and The onshore branch of Liquid Funding Ltd. co-existed.
The onshore branch of Liquid Funding Ltd. was ran by Mr. Burritt – as far as I'm aware he was the only one to work out of this building.
590 Madison Avenue, also known as the IBM Building, is a skyscraper at 57th Street and Madison Avenue in the Midtown Manhattan neighborhood of New York City. Designed by Edward Larrabee Barnes and Associates the 41-story, 603-foot (184 m)-tall tower was developed for the technology company IBM and built from 1978 to 1983.
590 Madison Avenue, Wikipedia
It's important to note that Liquid Funding Ltd. and Veritas Capital shared the same suite – Suite 4100.
Bear Stearns
Bear Stearns was a premier Wall Street investment bank that collapsed in March 2008 due to heavy exposure to failing subprime mortgage-backed securities.
Bear Stearns was once a leading Wall Street investment bank, but its heavy exposure to risky mortgage-backed securities led to a rapid collapse during the 2008 financial crisis.
As confidence vanished and markets unraveled, alongside failures like Lehman Brothers, the firm was sold to JPMorgan Chase in a controversial, government-backed deal at a fraction of its value. The episode underscored systemic weaknesses and fueled calls for stronger financial regulations.
Bear Stearns Collapse: Causes, Bailout, and Its Aftermath, Investopedia November 02 2025
Liquid Funding Ltd
Liquid Funding Ltd. was an offshore structured investment vehicle (SIV) based in Bermuda that gained significant notoriety due to its ties to Jeffrey Epstein and the 2008 financial crisis
Fresh revelations from ICIJ investigations, raise the likelihood that sex offender Jeffrey Epstein cloaked his fortune in a series of offshore shell companies registered in notoriously secretive tax havens.
Jeffrey Epstein’s offshore fortune traced to Paradise Papers, International Consortium of Investigative Journalists July 18th 2019
James R. Burritt
According to the Paradise papers James R. Burritt worked for Epstein's Liquid Funding Ltd. at the IBM building.
I couldn't find much on Mr. Burritt – not to be confused w/ David Burritt.
Frankly I'm not even convinced he's a real human being.
However, Google assures me that this is common for these kind of elite wealthy financial folks of that time.
Veritas Capital
Veritas Capital is a New York-based private equity firm that specialized in acquiring and scaling companies within the defense, aerospace, and government services sectors. In 2005, Veritas purchased DynCorp International from Computer Sciences Corporation (CSC) for $850 million, subsequently taking the company public in 2006.
Private equity firm Veritas Capital said Sunday it has reached a deal to buy the DynCorp International subsidiary of Computer Sciences Corp. for $850 million.
Veritas, which invests primarily in defense and aerospace related companies, said it expects the acquisition will be completed in the first quarter of 2005.
DynCorp International, based in Fort Worth, Texas, has about 14,000 employees worldwide and had revenues for the 12 months ended Oct. 1 of $1.6 billion.
Veritas Capital to acquire DynCorp, MarketWatch December 12th 2004
The Network Graph
I have mapped this out and you can see the network graph here:
The DynCorp Sale to Veritas Capital, Facilitated by Epstein & Underwritten by Bear Stearns
In February 2005, private equity firm Veritas Capital completed its leveraged buyout of DynCorp International from Computer Sciences Corp. (CSC) for approximately $850 million. The deal was structured with $775 million in cash and $75 million in senior preferred stock, allowing CSC to divest non-core aviation maintenance and security training assets to focus on its primary IT services business.
Veritas quickly moved to capitalize on the investment, taking the company public through an Initial Public Offering (IPO) in May 2006. The firm remained a significant shareholder until 2010, when it finally exited the investment following Cerberus Capital Management's $1.5 billion acquisition of the company.
DynCorp International, a private-equity-backed provider of military contracting services, priced its initial public offering late Wednesday at $15 a share, the low end of the expected $15 to $17 range. The stock hovered at about $15 as it began trading Thursday on the New York Stock Exchange.
The offering of 25 million shares raised $325.5 million for DynCorp, which provides security detail and aircraft maintenance for the United States military. The I.P.O. came a year after a private equity firm, Veritas Capital, bought the contractor from the Computer Sciences Corporation for $937 million.
Military Contractor DynCorp Raises $325 Million in I.P.O., The New York Times May 4th 2006
In fact, Bear Stearns underwrote this sale – I'm very convinced Epstein facilitated it considering he held 10% control of Stearns at the time.
Prior to this offering there has been no public market for our Class A common stock. The initial public offering price of our Class A common stock is $15.00 per share. Our Class A common stock has been approved for listing on The New York Stock Exchange under the symbol “DCP.”
SEC Filing for Purchase
Conclusions & Why This Is Important
As you can see from the network graph Epstein sure did have the the foresight to know when the DynCorp sale was going to happen, as well as the pull and connections to help facilitate the deal – all without even having his names on the books for it.
DynCorp is one of those "too big to fail" and "too critical to abandon" companies.
This doesn't even cover it's connections to presidents over the years and the rest of it's shady history.
This deal was massive – and Epstein for sure would have profited big from it if he was involved – and most likely facilitated it, given his history and connections to the DynCorp company.
All of this is really important – not only does it produce a paper trail from Epstein back to the U.S. government.
It also implicates him in the shady dealings w/ the U.S. military industrial complex during an important financial and geopolitical time for the U.S.
I wonder if the House Oversight Comittee would love to hear about this.
Maybe they can prove Epstein had his disgusting hands in orchestrating the sale of DynCorp.
Send this to them, this is big – maybe it helps get justice for the survivors and answers for the public.
More to come. Stay tuned. <3
~ Tazz