Terramar Project
Snapshot
United States legal name: TerraMar Project, Inc.
United States entity type: Section 501(c)(3) public charity
EIN: 45-5091884
Public launch: September 26, 2012, at the Blue Ocean Film Festival and Conservation Conference in Monterey, California
Federal exemption date: October 2013
United States founder and president: Ghislaine Maxwell
Early United States address: 116 East 65th Street, New York, New York
Later United States filing address: Woburn, Massachusetts
United Kingdom legal name: TerraMar (UK)
United Kingdom company number: 08661523
United Kingdom charity number: 1154106
United Kingdom incorporation: August 22, 2013
United Kingdom charity registration: October 4, 2013
United Kingdom directors: Ghislaine Maxwell, Lucy Mary Clive, and Catherine Mary Emma Vaughan-Edwards
United Kingdom controlling person: Companies House recorded Maxwell as having significant influence or control
Stated mission: Build public identification with the high seas and encourage ocean conservation, education, and action
Signature public tools: Digital “passports,” species ambassadorships, ocean sponsorship concepts, educational content, The Daily Catch, events, and presentations
United States financial scale, 2012 through 2018: $348,954 in reported revenue and $851,573 in reported expenses
United States 2018 position: $10,252 in assets, $561,991 in liabilities, and negative net assets of $551,739
Documented founder financing: A defense commissioned financial report states that Maxwell contributed $560,650 toward United States operating costs and about $10,000 to TerraMar (UK)
Documented Epstein linked funding: The same report identifies a $57,000 donation from Epstein Interests Foundation in the fiscal year ending in 2013
Other major released receipt: A Tides Foundation check dated May 26, 2014 paid $100,000 to TerraMar Project, attention Ghislaine Maxwell. The released check does not identify the originating donor or restricted purpose.
Political activity: Reviewed United States returns report no political campaign intervention or lobbying expenditure. Conference access and Clinton Global Initiative participation were not campaign donations.
Closure: The United States project announced on July 12, 2019 that it would cease operations
United Kingdom dissolution: December 3, 2019
Criminal status of entity: No reviewed court record charges or convicts either TerraMar entity of trafficking, sexual abuse, money laundering, or charity fraud
Founder status: Maxwell was convicted in 2021 for crimes committed with Epstein from at least 1994 through about 2004 and sentenced in 2022 to 20 years in prison
Involvement assessment: Level 4 of 5 for a Maxwell controlled institution with documented Epstein linked funding, shared financial infrastructure, and significant post conviction reputational access. This measures connection, not guilt.
Key takeaway: TerraMar carried out visible ocean advocacy and maintained formal nonprofit structures, but it was also personally controlled and substantially financed by Maxwell, received at least one reported Epstein foundation donation, and gave Maxwell access to respected international platforms after Epstein’s 2008 conviction. Connection is not culpability; classify by sources.
TerraMar Citizens and Ocean Passports
The Citizens of TerraMar investigation reconstructs all 85 individuals named in the official 2012 founding-citizen roster and separates this promotional listing from independent proof of passport registration or any Epstein connection. The 85-person evidence register gives each individual an expandable source record and notes identity ambiguities. Appearing in TerraMar marketing does not establish awareness of, or involvement in, any crime.
Overview
The TerraMar story is compelling because it sits at the intersection of a legitimate public issue and a profoundly compromised founder. The high seas cover most of the ocean and fall outside any one nation’s jurisdiction. Public understanding, conservation, and international cooperation in that space are real policy needs. TerraMar used colorful digital tools and a simple proposition: everyone could become a citizen of the high seas and help give the ocean a political voice.
The project also gave Ghislaine Maxwell a new public identity. Four years after Jeffrey Epstein pleaded guilty in Florida, Maxwell appeared as an environmental founder before diplomats, universities, conferences, the United Nations, and the Council on Foreign Relations. Her organization was recognized through the Clinton Global Initiative and surrounded itself with respected ocean advocates, media figures, diplomats, and scientists. That institutional visibility is documented. Whether reputation repair was TerraMar’s purpose is disputed and has never been adjudicated.
The financial record is unusually revealing. United States returns show a small organization with no officer compensation, modest contribution revenue, substantial expenses, and growing liabilities. By the end of 2018 it reported only $10,252 in assets against $561,991 in liabilities. A financial report prepared for Maxwell’s criminal defense stated that she supplied $560,650 to keep the project running. The same report identified a $57,000 Epstein Interests Foundation donation. Released records also show a $100,000 Tides Foundation check, a TerraMar JPMorgan balance transferred into a UBS account, ordinary merchant activity, selected incoming wires, and a later federal subpoena that expressly demanded TerraMar account records.
These records do not prove that TerraMar was a trafficking operation or that every donor, director, speaker, or partner knew Maxwell’s criminal history. They do show that TerraMar was not organizationally independent of Maxwell and was not financially remote from the Epstein network. The proper analysis keeps the ocean work, institutional access, money flows, criminal history, and unproven theories in separate evidentiary lanes.
Legal Identity and Corporate History
The name “TerraMar” covered two related but legally distinct bodies.
TerraMar Project, Inc. was the United States organization. The ProPublica Nonprofit Explorer profile, based on IRS data and returns, identifies EIN 45-5091884, federal tax exemption from October 2013, and Section 501(c)(3) status. Its returns described an environmental and educational mission centered on the high seas. The organization publicly launched in September 2012, before formal federal exemption appeared in the IRS data.
TerraMar (UK) was a separate charitable company. Companies House records company number 08661523, incorporation on August 22, 2013, and the legal form of a private company limited by guarantee without share capital. The Charity Commission records charity number 1154106. Its objects covered conservation and improvement of oceans, seas, coastlines, and tidal areas, protection of endangered marine life, and public education.
The entities were affiliated, not interchangeable. TerraMar (UK)’s 2018 trustees’ report said it was affiliated with the United States nonprofit, shared the same website and social media platforms, and pursued similar objects. It did not say the British company was a branch with no separate legal existence. Researchers should therefore preserve the correct entity name, jurisdiction, filing number, reporting currency, and board for every claim.
The United States project announced on July 12, 2019 that it would cease all operations and close its website. The United Kingdom directors filed an application for voluntary strike off on September 4, 2019. A first Gazette notice followed on September 17, and Companies House recorded final dissolution on December 3, 2019. The Charity Commission later marked the charity removed.
Ownership, Control, and Leadership
Nonprofits do not have conventional shareholders. Their relevant control points are directors, officers, persons with significant control, bank signatories, and the people who finance operations.
| Person | United States role | United Kingdom role | Evidence of control or responsibility | Important limit |
|---|---|---|---|---|
| Ghislaine Maxwell | Founder and president, repeatedly reporting 60 hours per week and $0 compensation | Director, trustee, member, and person with significant influence or control | Tax returns, deposition, Companies House filings, and financial records place her at the center | A title does not prove that every organizational activity was unlawful |
| Ariadne Calvo-Platero | Secretary and director in multiple returns | None identified in reviewed filings | Board and officer disclosure | No reviewed evidence assigns her control over bank transfers |
| Steven Haft | Director | None identified | Board disclosure in United States returns | Board service alone does not establish knowledge of Maxwell’s crimes |
| Amir Dossal | Director in later United States filings | None identified | Board disclosure and archived roster | His prior United Nations work did not make TerraMar a United Nations agency |
| Christine Malina-Maxwell | Treasurer in the 2018 return | None identified | IRS officer disclosure | Relationship to Maxwell does not prove knowledge of specific funding sources |
| Lucy Mary Clive | None identified | Director, trustee, and member | Companies House and charity accounts | No reviewed finding attributes misconduct to her |
| Catherine Vaughan-Edwards | None identified | Director, trustee, and member | Companies House and charity accounts | No reviewed finding attributes misconduct to her |
Companies House’s control register is especially important. It identifies Maxwell as the one person with significant control and states that the nature of control was significant influence or control. The public officer page lists all three British directors from incorporation through dissolution.
In an April 2019 deposition, Maxwell testified that TerraMar officers were unpaid, that the project used contractors, that Robert Foos had served as director of development, and that she had not received salary or other remuneration. EFTA00011375, EFTA00011376, EFTA00011377, and EFTA00011380 preserve the relevant pages. Her testimony is firsthand evidence of what she said, but it is not an independent audit.
Organizational Structure
TerraMar’s visible structure was small and founder centered.
- The United States corporation held federal tax exempt status, filed annual returns, maintained bank and merchant accounts, contracted for development and communications work, and operated the public platform.
- The British charitable company had three director trustees, no employees in its 2018 accounts, a Barclays account, and a shared digital presence with the United States organization.
- The United States board added recognizable figures from media, diplomacy, and international partnerships. Archived rosters also described advisers and ambassadors drawn from ocean science, exploration, conservation, and elite networks.
- The public project relied heavily on its website, social media, presentations, event participation, and symbolic digital citizenship tools rather than a large field operation or grant program.
- Maxwell was the common founder, public face, operating leader, and principal creditor.
The British accounts described a company limited by guarantee. Each member agreed to contribute £1 upon winding up. They reported no beneficial interest for the trustees and no trustee remuneration or reimbursed expenses for the period ending September 2018.
The United States returns similarly reported no compensation for the officers listed on ProPublica. That does not mean the project had no costs. Its filings and bank statements show spending on contractors, professional fees, website development, advertising, travel, office costs, merchant processing, and other operating expenses.
Background and Ordinary Operations
TerraMar’s public concept treated the high seas as a shared place that needed citizens, stories, and political visibility. Users could obtain a digital passport, select a marine species to represent, follow ocean news, and engage with proposed actions. The approach mixed public education, advocacy, branding, and online community building.
The organization produced or promoted:
- A website with educational material about international waters and marine species.
- Digital passports that framed users as citizens of TerraMar.
- “Ambassador” and sponsorship concepts for species and parts of the ocean.
- The Daily Catch, a stream of ocean news and scientific content.
- Lectures, conference appearances, videos, and social media campaigns.
- Collaboration with outside brands and advocates, including an ocean themed bedding project reported by The New York Times.
- Advocacy around plastic pollution, high seas governance, marine protection, and Sustainable Development Goal 14.
TerraMar did not operate like a conventional grantmaking foundation. ProPublica’s extracted returns show $0 in program service revenue throughout 2012 through 2018. Reporting based on the filings found no grants paid between 2013 and 2017. That is not proof of zero charitable activity because education, communications, and advocacy can be direct program work. It does mean the public should judge activity by documented outputs rather than assume that “charity” necessarily meant grants or field conservation.
TerraMar (UK)’s 2018 report said the trustees were evaluating public awareness work about ocean plastic, had completed a website revamp, shared social media with the United States project, and intended to seek grants for education and plastic cleanup programs. Its accounts classified £960 in accountancy fees as charitable activity. The accountants expressly stated that the financial statements were unaudited and that they had not verified the completeness or accuracy of the underlying records.
Documented Connection to Jeffrey Epstein
Founder relationship and timing
The central connection runs through Maxwell. The United States Department of Justice states that a jury convicted her for helping Epstein recruit, groom, transport, and sexually abuse minor girls from at least 1994 through about 2004. TerraMar began in 2012, so the charged and proven conduct predates the organization. The timing defeats any claim that the project itself existed during the trial proven conspiracy, but it also means TerraMar was created after Epstein’s 2008 conviction and after serious public allegations involving Maxwell.
Epstein Interests Foundation donation
EFTA00065557 is a page from a financial condition report commissioned by Maxwell’s criminal defense. It states that reviewers identified a $57,000 donation from Epstein Interests Foundation to TerraMar Project, Inc. in the fiscal year ending in 2013. This is direct documentary evidence that the defense’s accountants reported the donation. The report is not an independent government audit, and the page does not include the originating check or wire. It should therefore be attributed to the report, not converted into a judicial finding.
Shared financial infrastructure
EFTA00073635 is a UBS transfer recap showing $35,749.95 moved from a TerraMar JPMorgan account as part of a broader transition that also included Maxwell’s personal accounts and related entities. EFTA01279253 shows the TerraMar UBS account receiving that amount and lists 116 East 65th Street. EFTA01517899 is a TerraMar JPMorgan statement page showing merchant deposits, checks, card payment activity, and a transfer to Theory and Practice LLC.
This establishes common banking management and addresses. It does not establish that Epstein owned the TerraMar account or that every movement involved his money.
Federal investigative interest
EFTA00235809 is the rider to an August 16, 2019 federal grand jury subpoena to UBS. It requested records for Maxwell, TerraMar Project, Inc., Ellmax LLC, Max Foundation, and Max Hotel Services Corp. The subpoena was issued in an investigation citing federal sex trafficking and conspiracy statutes. A subpoena establishes investigative demand, not guilt, charge, or final conclusion.
Reputational and institutional overlap
TerraMar enabled Maxwell to present herself as a conservation leader through internationally respected venues. This matters because reputation and access were valuable currencies in the broader Epstein Financial Network. It does not prove that a host organization knew about her conduct or endorsed it.
Timeline
| Date | Event | Evidence and limitation |
|---|---|---|
| 2008 | Epstein pleaded guilty in Florida to offenses involving prostitution and a minor | Criminal record predates TerraMar and supplies essential context |
| September 26, 2012 | TerraMar publicly launched at the Blue Ocean Film Festival in Monterey | Contemporary launch reporting and archived project materials |
| 2012 | United States return reported $127,379 in revenue and $223,923 in expenses | IRS data summarized by ProPublica |
| June 25, 2013 | Maxwell and Palau representative Stuart Beck appeared in a United Nations press briefing on oceans and sustainable development | United Nations media record; participation was not United Nations agency status |
| 2013 | Defense accountants later reported a $57,000 Epstein Interests Foundation donation | EFTA00065557; defense commissioned report, not independent audit |
| September 2013 | TerraMar appeared as a Clinton Global Initiative Commitment to Action | Philanthropic conference recognition, not campaign support or government endorsement |
| August 22, 2013 | TerraMar (UK) incorporated | Companies House |
| October 2013 | United States federal tax exemption recognized; TerraMar (UK) registered as a charity | IRS data and Charity Commission register |
| December 2013 | Maxwell presented TerraMar at the Arctic Circle Assembly | Archived conference video and program reporting |
| February 27, 2014 | UBS recap recorded $35,749.95 transferred from TerraMar’s JPMorgan relationship | EFTA00073635 and EFTA01279253 |
| February 4, 2014 | A United Nations program listed Maxwell speaking for TerraMar on technology and healthy oceans | Official program |
| April 4, 2014 | UBS staff confirmed a $63.61 TerraMar wire | EFTA00236034 |
| May 26, 2014 | Tides Foundation issued a $100,000 check to TerraMar, attention Maxwell | EFTA00270646; ultimate donor and restriction are not shown |
| June 2014 | Maxwell promoted TerraMar in a TEDx talk and appeared with Scott Borgerson in a Council on Foreign Relations ocean governance discussion | Event records and reporting establish appearance, not endorsement of Maxwell’s private conduct |
| July 14, 2014 | TerraMar sent $612 to VFILES LLC for invoice 1039 | EFTA01279253 records the payment |
| March 24, 2015 | TerraMar received $500 through Interactive Donor Corp | Same UBS production; donor identity behind the processor is not established |
| 2015 | United States expenses reached $211,688 against $6,974 in revenue | Largest annual deficit in the reviewed ProPublica series |
| February 2016 | Two incoming wires totaling $30,009 arrived from an Emirates based charter services sender, with invoice references | EFTA01279253; OCR varies on the sender’s spelling, so the page image controls |
| 2016 | Maxwell married Scott Borgerson, who had appeared in TerraMar ocean policy settings | Personal relationship does not prove that his business financed TerraMar |
| 2017 | United States return reported $266 in assets and $550,812 in liabilities | ProPublica IRS summary |
| September 30, 2018 | TerraMar (UK) reported £2,269 income, £960 expenditure, and £7,611 net assets | Unaudited statutory accounts filed July 10, 2019 |
| December 31, 2018 | United States entity reported $10,252 assets, $561,991 liabilities, and negative net assets of $551,739 | IRS return and ProPublica summary |
| April 9, 2019 | Maxwell testified about TerraMar staffing, hours, and compensation | Released deposition pages |
| July 6, 2019 | Epstein was arrested on new federal sex trafficking charges | The closure followed six days later |
| July 12, 2019 | United States TerraMar announced cessation of all operations | Archived statement and contemporary reporting |
| August 16, 2019 | Federal grand jury subpoena demanded UBS records for TerraMar and other Maxwell entities | EFTA00235809 |
| September 4, 2019 | TerraMar (UK) applied for voluntary strike off | Companies House filing history |
| December 3, 2019 | TerraMar (UK) dissolved | Companies House final Gazette record |
| December 29, 2021 | Jury convicted Maxwell on five counts | DOJ prosecution record |
| June 28, 2022 | Court sentenced Maxwell to 240 months in prison | DOJ sentencing announcement |
| September 8, 2026 | This article was fact checked | Future releases may add funding or account detail |
Evidence Appearances
Federal tax filings: These establish what TerraMar reported about revenue, expenses, officers, compensation, liabilities, mission, and political activity. They are primary filings, not forensic audits.
United Kingdom corporate and charity records: These establish legal identity, directors, significant control, annual accounts, strike off, and dissolution. Companies House warns that it does not verify the accuracy of filed information.
Bank records: Statements, wires, transfer recaps, and merchant entries establish accounts and transactions. They do not automatically reveal the beneficial source of a donation or its purpose.
The Tides check: The check image establishes issuer, payee, attention line, date, check number, and amount. It does not identify an underlying donor advised fund, donor, grant agreement, or use of proceeds.
Defense commissioned financial report: The report supplies the clearest statement of Maxwell’s financing and the $57,000 Epstein Interests Foundation donation. Because Maxwell’s lawyers commissioned it for a bail submission, its conclusions must be attributed and tested against independent records.
Deposition testimony: Maxwell’s sworn answers establish her descriptions of hours, personnel, compensation, and records. They do not independently validate those descriptions.
Subpoena and production correspondence: These show the scope of federal investigative interest and the categories of records sought. They do not establish that prosecutors found criminal use of the TerraMar account.
Institutional event records: United Nations programs, press briefing video, CGI material, university announcements, and conference programs prove access and participation. They do not make TerraMar a United Nations body or show institutional knowledge of Maxwell’s crimes.
Reporting and independent research: Major reporting reconstructs how former friends and associates viewed TerraMar. Research by Heather Ashley and Bekah Day surfaces board names, events, and communications for verification. The Butterfly Bureau correctly emphasizes that a payment to TerraMar cannot be used to infer financing of a later, separate project without a document connecting the funds.
Evidence Matrix
| Proposition | Best source | Evidence class | Confidence | What it establishes | What it does not establish |
|---|---|---|---|---|---|
| TerraMar Project, Inc. was a United States 501(c)(3) | ProPublica IRS archive | Government derived tax record | High | EIN, exemption, filing history, reported finances | Independent validation of every disclosure |
| TerraMar (UK) was a separate charitable company | Companies House and Charity Commission | Official registers | High | Legal form, numbers, dates, status | That the British and United States entities were legally identical |
| Maxwell controlled TerraMar | Returns, Companies House control register, and deposition | Repeated primary records | High | Founder, president, director, trustee, and significant control roles | Criminality of all TerraMar activity |
| Epstein Interests Foundation donated $57,000 | EFTA00065557 | Defense commissioned accounting report | Medium to high that the report says so | Specific source, amount, recipient, and reported year | Independent bank confirmation or court finding |
| Tides Foundation paid TerraMar $100,000 | EFTA00270646 | Check image | High | Issuer, recipient, amount, date, check number | Ultimate donor, restriction, reason, deposit, or later spending |
| TerraMar funds moved from JPMorgan to UBS | EFTA00073635 and EFTA01279253 | Bank records | High | Amount, account title, banks, timing | That Epstein directed the movement |
| Maxwell financed most accumulated operating losses | EFTA00065557 and IRS liabilities | Defense report plus tax filing | High for the reported loan balance | Founder creditor relationship and scale | Motive or unlawful purpose |
| TerraMar received international institutional access | UN programs, UN media, CGI material, and event records | Institutional records | High | Participation and public platform | Sponsorship of Maxwell’s private conduct |
| TerraMar performed little direct conservation work | Returns and later reporting | Financial data plus interpretation | Medium | Low grants and spending concentrated in communications and overhead | That online education had no public value |
| TerraMar was a reputation cleanser | Attributed reporting from former friends and associates | Reported opinion | Low to medium | A contemporaneous interpretation by sources | Proven organizational purpose or legal finding |
| Federal investigators sought TerraMar records | EFTA00235809 | Grand jury subpoena | High | Scope and date of investigative demand | Criminal charge or adverse finding against TerraMar |
| TerraMar engaged in campaign spending | Reviewed IRS returns | Negative filing disclosure | High for what was reported | No campaign intervention or lobbying expenditure reported | Every informal political contact by every participant |
| TerraMar itself trafficked or abused minors | None among reviewed records | Unsupported claim | Not established | Nothing | Any basis for stating the claim as fact |
Epstein Data Evidence Files
These direct Epstein Data links are selected receipts. A file’s presence in the production proves that it was produced or collected in the relevant investigation, not that every person named committed wrongdoing.
- EFTA00270646: Tides Foundation check number 61601, dated May 26, 2014, for $100,000 to TerraMar Project, attention Ghislaine Maxwell.
- EFTA00065557: Defense commissioned financial report stating that Maxwell contributed $560,650 to United States TerraMar, about $10,000 to TerraMar (UK), and identifying a $57,000 Epstein Interests Foundation donation.
- EFTA00073635: UBS transfer recap showing a completed $35,749.95 TerraMar transfer from JPMorgan.
- EFTA01279253: Large UBS wire production beginning with TerraMar account activity and continuing through payments, returned transfers, incoming wires, and later address changes.
- EFTA01517899: November 2013 JPMorgan statement page for TerraMar showing merchant deposits, checks, card payment activity, and a transfer.
- EFTA00236034: April 4, 2014 UBS email confirming wires received for Max Foundation and TerraMar.
- EFTA00235809: Rider to the August 2019 grand jury subpoena naming TerraMar among the requested Maxwell entities and accounts.
- EFTA00011375: Deposition page addressing Maxwell’s reported 60 hour TerraMar workweek.
- EFTA00011376: Deposition page describing unpaid officers and remote contractors.
- EFTA00011377: Deposition page identifying Robert Foos as a contracted director of development.
- EFTA00011380: Deposition page in which Maxwell denied receiving salary or other remuneration from TerraMar.
Before quoting OCR, compare it with the page image. The two released copies of the Tides check demonstrate why this matters: one OCR rendering misread the clearly printed May 26, 2014 date. Preserve the EFTA identifier, source URL, image, access date, and a file hash.
Key People Connected to the Organization
| Person | Role or relationship | Documented significance | Evidentiary boundary |
|---|---|---|---|
| Ghislaine Maxwell | Founder, president, director, trustee, creditor, and public face | Controlled both entities and drove the public program | Her conviction does not automatically criminalize each TerraMar act |
| Jeffrey Epstein | Longtime Maxwell associate and source of reported foundation funding | Epstein Interests Foundation was reported to have donated $57,000 | No reviewed document makes him a TerraMar officer or director |
| Christine Malina-Maxwell | United States treasurer in 2018 | Formal officer during the final full operating year | Title does not show control of all finances |
| Ariadne Calvo-Platero | United States secretary and director | Repeated officer disclosure and close Maxwell associate | No reviewed finding of misconduct |
| Steven Haft | United States director | Media executive who added institutional credibility | No reviewed finding of misconduct |
| Amir Dossal | United States director | Former United Nations partnerships official associated with philanthropic networks | Board role did not turn TerraMar into a UN body |
| Lucy Clive | United Kingdom director and trustee | Served from incorporation through dissolution | No reviewed finding of misconduct |
| Catherine Vaughan-Edwards | United Kingdom director and trustee | Signed the 2018 trustees’ report | No reviewed finding of misconduct |
| Robert Foos | Contracted director of development according to Maxwell | Indicates paid contract capacity despite no employee roster | Maxwell’s testimony does not show total contract spending |
| Stuart Beck | Palau diplomat and TerraMar board participant in early public materials | Appeared with Maxwell in United Nations ocean advocacy | Event collaboration does not prove knowledge of crimes |
| Scott Borgerson | Ocean policy and shipping data figure, later Maxwell’s husband | Appeared with Maxwell in ocean governance settings | No reviewed record shows his company funded TerraMar |
| Paolo Zampolli | Diplomatic and social contact highlighted in later researcher obtained communications | Forwarded TerraMar material and discussed participation before launch, according to published correspondence | Publicly shared excerpts require full provenance and context |
Archived project material named many advisers, ambassadors, and supporters. Those lists are leads, not guilt rosters. Every person’s actual role, date, authority, and knowledge must be evaluated individually.
Financial Relationship
United States annual finances
| Fiscal year ending December | Revenue | Expenses | Net result | Year end net assets |
|---|---|---|---|---|
| 2012 | $127,379 | $223,923 | negative $96,544 | negative $96,544 |
| 2013 | $24,567 | $189,888 | negative $165,321 | negative $261,865 |
| 2014 | $132,572 | $156,347 | negative $23,775 | negative $285,640 |
| 2015 | $6,974 | $211,688 | negative $204,714 | negative $539,474 |
| 2016 | $31,900 | $25,093 | $6,807 | negative $532,667 |
| 2017 | $583 | $18,462 | negative $17,879 | negative $550,546 |
| 2018 | $24,979 | $26,172 | negative $1,193 | negative $551,739 |
Across those years, TerraMar reported $348,954 in revenue and $851,573 in expenses. The cumulative gap was $502,619, while liabilities and other balance sheet movements left the organization with negative net assets of $551,739 at the end of 2018. Revenue was overwhelmingly reported as contributions. Officer compensation was $0.
The 2018 balance sheet is especially clear. Assets totaled $10,252, while liabilities totaled $561,991. The defense commissioned report states that Maxwell contributed $560,650 toward United States operations. The remaining reported liability was consistent with $1,341 in credit card debt. These figures show extraordinary dependence on the founder.
Named and traceable inflows
The current record supports three distinct funding statements:
- Defense accountants reported a $57,000 donation from Epstein Interests Foundation.
- A released Tides Foundation check paid TerraMar $100,000 on May 26, 2014.
- Maxwell financed operating deficits through advances or loans that ultimately exceeded $560,000.
Those are separate streams. The Tides check cannot be attributed to Epstein without a donor ledger, grant agreement, remittance advice, deposit record, or correspondence. The Butterfly Bureau’s Episode 6 evidence note makes the same point and also explains why the 2014 payment cannot prove a connection to World Without Exploitation, which was created later.
United Kingdom finances
For the 13 months ending September 30, 2018, TerraMar (UK) reported £2,269 in total income, £960 in expenditure, and a £1,306 increase in funds after a £3 foreign exchange loss. It ended with £7,611 in unrestricted funds, £8,738 cash, and £1,200 in current liabilities. The accounts reported no employees, no trustee remuneration, and no disclosable related party transactions. The accountants did not audit or review the statements.
Communications and Meetings
TerraMar’s principal institutional asset was communication. Maxwell used the organization to move through policy, scientific, philanthropic, and media settings.
- A June 2013 United Nations media record lists Stuart Beck of Palau and Maxwell discussing how ocean health could be incorporated into sustainable development goals.
- A February 2014 United Nations program lists Maxwell as TerraMar’s founder presenting on technology for healthy oceans and seas.
- TerraMar received Clinton Global Initiative recognition as a Commitment to Action in 2013. This was charitable and policy convening, not a contribution to a Clinton campaign.
- Maxwell presented at the Arctic Circle Assembly and appeared in a 2014 Council on Foreign Relations discussion with Scott Borgerson.
- University, TEDx, Google related, and conservation appearances amplified the project’s central message about public responsibility for the high seas.
Bekah Day’s published review of communications involving Maxwell and Paolo Zampolli adds an earlier lead. It reports that Maxwell sent TerraMar material before public launch, that Zampolli forwarded it to ocean and diplomatic contacts, and that he discussed acting as a representative. Those communications should be preserved with headers and full thread context. They are relevant to how TerraMar sought diplomatic access, but they do not prove a secret sovereign project or unlawful passport scheme.
No reviewed communication establishes that the United Nations, Clinton Global Initiative, Council on Foreign Relations, or a university knew the full extent of Maxwell’s crimes when hosting or recognizing TerraMar. Participation should be described precisely and never upgraded into sponsorship, employment, diplomatic status, or institutional complicity without supporting records.
Properties, Assets, and Operations
TerraMar’s main assets were financial accounts, digital infrastructure, intellectual content, mailing addresses, brand relationships, and access to public platforms. No reviewed filing shows ownership of vessels, submarines, coastal land, laboratories, or marine protected areas.
The early United States filings and bank records used 116 East 65th Street in Manhattan. That address was also Maxwell’s residence and was held through 116 East 65th Street LLC. Later returns used a Woburn, Massachusetts address associated with other Maxwell administration. UBS records eventually show a Teaneck post office box and 139A Charles Street in Boston. Address overlap is evidence of shared administration, not proof that each entity’s assets were commingled.
TerraMar’s website and shared social media platforms were operationally central. The British trustees wrote that both entities shared the site and that a redesign was intended to create clearer actions and deliverables. The United States 2018 filing reported $9,380 for website development and $11,157 for advertising, compared with no program service revenue and no reported grantmaking.
Bank evidence shows practical operations rather than only branding. EFTA01517899 records small merchant deposits, checks, a card payment, merchant fees, and a transfer to Theory and Practice LLC. EFTA01279253 includes the $612 VFILES invoice payment, payment processor receipts, and two 2016 invoice referenced wires from an Emirates based charter services sender. These transactions invite source specific questions, but none should be characterized as unlawful without invoices, contracts, and counterpart records.
Lawsuits, Investigations, and Regulatory Actions
No reviewed criminal indictment charged either TerraMar entity. No reviewed civil judgment found the organizations liable for trafficking, abuse, money laundering, or charity fraud.
The most important investigative event is the August 16, 2019 grand jury subpoena to UBS. The subpoena cited suspected violations of federal sex trafficking, enticement, and conspiracy statutes and demanded account opening documents, statements, checks, wires, summaries, and correspondence for Maxwell and several entities, including TerraMar. UBS later wrote that it had provided account records and correspondence. This proves federal investigative scrutiny of the records. It does not disclose the grand jury’s conclusions.
The United Kingdom closure proceeded as a voluntary strike off rather than a public enforcement dissolution. Companies House’s filing history shows the application, notices, and final dissolution. The Charity Commission register labels the charity removed and no longer operating. The reviewed register pages do not disclose a public misconduct finding.
The organization’s financial return history was public before closure and later became part of press scrutiny. Critics questioned high costs, low visible field activity, heavy founder loans, and the absence of grants. Those are governance questions arising from disclosed records, not themselves regulatory adjudications.
Allegations and Responses
Reputation cleansing allegation
Former friends and associates quoted in major reporting described TerraMar as an effort to repair Maxwell’s reputation and separate her public identity from Epstein. The Independent summarized the claim by calling the organization a “reputation cleanser.” This is a reported characterization, not a court finding. The timing, elite venues, and personal branding make the question legitimate, but they do not prove subjective intent.
Hollow organization criticism
Critics pointed to the lack of grants, high overhead relative to revenue, few employees, and limited evidence of direct conservation projects. A maritime executive quoted by The New York Times described an impression that the project was hollow. The returns strongly support the financial premises. They do not measure every educational output, digital interaction, speech, or advocacy result.
Improper purpose theories
Online theories have described TerraMar as a trafficking route, intelligence front, sovereign territory scheme, maritime escape system, or money laundering vehicle. The reviewed evidence does not establish any of those claims. The words “citizen,” “passport,” and “sponsor a piece of the ocean” were branding and advocacy concepts. They did not create nationality, territorial ownership, diplomatic immunity, or legal authority.
Maxwell and defense position
TerraMar publicly described its mission as connecting ocean lovers to positive actions, highlighting science, and changing how people live and work with the ocean. Maxwell testified that officers were unpaid and that she received no remuneration. The defense commissioned accounting report stated that TerraMar funds were used for charitable purposes and that Maxwell obtained no personal financial benefit. Those are responses from the founder and her retained experts, so independent verification remains necessary.
Tides payment response boundary
The released check proves a $100,000 Tides Foundation payment. It does not prove that Tides knew about Maxwell’s conduct, that Epstein supplied the money, or that a later Tides sponsored initiative was connected. The responsible next step is to identify the grant file and underlying source, not fill the gap with politics.
Court and Regulatory Findings
The clearest court finding concerns Maxwell, not TerraMar. A federal jury found Maxwell guilty in December 2021. The Justice Department’s sentencing account says she assisted, facilitated, and participated in Epstein’s abuse of minor girls and was sentenced to 240 months in prison.
No reviewed judgment states that TerraMar was used to recruit victims, pay victims, conceal trafficking proceeds, or facilitate sexual abuse. No reviewed order forfeited TerraMar assets as criminal proceeds. No reviewed regulator publicly found that the organization violated charity law.
The distinction is crucial. Maxwell’s conviction changes how TerraMar’s governance and access should be evaluated because its controlling founder is now a convicted participant in Epstein’s crimes. It does not erase the need to prove every entity specific allegation with entity specific evidence.
Companies House found only that the British company completed voluntary strike off and dissolved. The Charity Commission’s removal status records cessation, not culpability. IRS data shows that the United States organization is absent from the current exempt organization list, but that status alone does not state why its exemption ended.
Institutional Response
TerraMar’s own response was abrupt. Six days after Epstein’s July 2019 arrest, its site announced that all operations would cease, the website would close, and the organization thanked supporters and partners. The statement did not present a public independent investigation, donor accounting, safeguarding review, or plan for archival preservation.
The United Kingdom entity did not disappear immediately. Accounts for the period ending September 2018 were filed on July 10, 2019. The directors applied for strike off in September, and dissolution followed in December. This delayed legal wind down should not be misstated as continued program activity after the United States announcement.
Host institutions largely treated TerraMar as one participant among many. Their event archives now serve as evidence of Maxwell’s post 2008 access. A strong institutional response today would preserve speaker vetting records, invitations, complimentary admission decisions, introductions, grant materials, correspondence, video, and contemporaneous concerns. Removing pages without archiving them would make accountability harder.
Donors and directors have a parallel responsibility. The public record would benefit from a complete schedule of contributions, founder advances, contracts, restricted grants, unused funds, and final disposition. Neither the closure statement nor the public registers supply that complete accounting.
Survivor Impact
TerraMar is not important because ocean conservation is suspect. It is important because a person later convicted of grooming and abusing minors was able to build a respected philanthropic identity while survivors and reporters were already struggling to make allegations heard.
For survivors, that contrast can be painful. Prestigious stages, polished branding, celebrity advisers, scientific language, and nonprofit status can make an accused person appear safe, civic minded, and trustworthy. They can also make survivors fear that institutions will protect reputation before listening to evidence.
The project should therefore be covered without sensational maritime theories that displace documented harm. Unsupported claims can contaminate accurate reporting, give defenders an easy target, and force survivors to watch the record become a vehicle for speculation. The strongest survivor centered account states what is known: Maxwell controlled the project, received elite access, depended on founder financing, received documented Epstein linked support, and closed days after Epstein’s arrest. It also states what is not known.
The Tides issue requires special care. The Butterfly Bureau’s investigation concerns transparency and survivor control in a later advocacy environment. The 2014 TerraMar check raises a legitimate donor identification question, but falsely using it to link unrelated survivor advocates to Epstein would repeat the very evidentiary harm the investigation seeks to prevent.
What the Evidence Establishes
The reviewed record establishes that:
- Maxwell founded, led, publicly represented, and financially supported TerraMar.
- TerraMar operated through separate United States and United Kingdom legal entities with shared branding and digital infrastructure.
- The United States organization held Section 501(c)(3) status and filed annual returns.
- TerraMar used ocean conservation, public education, and high seas advocacy as its stated purpose.
- Maxwell obtained access to United Nations, philanthropic, university, think tank, and conference platforms through TerraMar.
- United States returns reported $348,954 in revenue and $851,573 in expenses from 2012 through 2018.
- By the end of 2018, the United States entity reported $10,252 in assets and $561,991 in liabilities.
- A defense commissioned report stated that Maxwell supplied $560,650 to United States operations and about $10,000 to the British charity.
- That report also identified a $57,000 Epstein Interests Foundation donation to TerraMar.
- A released check shows that Tides Foundation paid TerraMar $100,000 on May 26, 2014.
- Bank records show TerraMar accounts, transfers, merchant receipts, invoices, and address changes within the same financial administration that served Maxwell’s other entities.
- Federal investigators subpoenaed TerraMar UBS records in August 2019.
- The United States project closed days after Epstein’s arrest, and the British company voluntarily dissolved later in 2019.
- Maxwell was later convicted for crimes with Epstein that predated TerraMar.
What Is Not Established
The reviewed record does not establish that:
- TerraMar recruited, trafficked, or abused minors.
- The organization existed during the period of criminal conduct proven at Maxwell’s trial.
- Every TerraMar officer, adviser, donor, contractor, host, or partner knew about Maxwell’s crimes.
- Jeffrey Epstein was a TerraMar director, officer, employee, or signatory.
- The Epstein Interests Foundation donation was the organization’s only Epstein linked financial support.
- Epstein supplied the $100,000 represented by the Tides Foundation check.
- Tides Foundation itself was the ultimate charitable donor rather than administrator of another donor’s funds.
- The Tides payment had any connection to World Without Exploitation or a later survivor campaign.
- TerraMar’s digital passports had legal effect or that the project sought actual statehood.
- United Nations appearances made TerraMar part of the United Nations.
- CGI recognition was a political donation, campaign endorsement, or evidence of knowledge by the Clintons.
- Emirates based invoice payments were improper or related to Epstein.
- Shared addresses prove commingling or illegal use of charitable funds.
- TerraMar’s website, educational content, or public advocacy had no genuine conservation value.
- The voluntary dissolution was ordered by a regulator.
Absence of proof is not proof of absence. It is a boundary on publication.
Involvement Scale Assessment
Assessment: Level 4 of 5, Embedded Institutional Connection.
Under the Epstein Network Levels of Involvement Scale, Level 4 fits an organization that was controlled by a convicted Epstein co-conspirator, received documented Epstein linked funding, operated inside her financial administration, and created significant institutional access after Epstein’s conviction.
The assessment is stronger than Level 3 because the relationship is not merely an event appearance or indirect association. Maxwell was the founder, president, major creditor, public representative, and controlling person. An Epstein foundation donation is specifically reported. Federal investigators later demanded the organization’s bank records.
The assessment stops below Level 5 because the current record does not establish that TerraMar directly facilitated trafficking, abuse, victim payments, concealment of criminal proceeds, or an operational element of the proven criminal conspiracy. Level 5 would require that additional direct function.
This scale measures documented connection, not criminal guilt, moral worth, or collective blame. A Level 4 entity can include innocent employees, directors, partners, and users whose roles must be classified separately.
Network and Institutional Significance
TerraMar demonstrates how a small nonprofit can generate visibility far beyond its balance sheet. Its United States revenue was modest, yet its founder appeared before international institutions and surrounded the brand with prestigious names. The project translated social access into public legitimacy, whether or not that was its original purpose.
The organization also illustrates a recurring network structure:
- A charismatic founder defines a broad public mission.
- Close associates populate governance.
- Founder loans cover operating deficits.
- Outside foundations and donor intermediaries provide contributions.
- A polished digital platform creates apparent scale.
- Conferences and institutions amplify the founder.
- Shared advisers, addresses, bankers, and contractors connect the charity to a wider personal network.
Heather Ashley’s financial network research is useful here because it places TerraMar beside other Maxwell entities while preserving specific roles and dates. Bekah Day’s diplomatic communications research adds leads on how the project entered policy networks. Their work is most valuable when each lead is confirmed against filings, complete email threads, and institutional archives.
TerraMar is also a warning against two opposite errors. Treating every environmental activity as a secret criminal operation ignores evidence standards. Treating nonprofit registration and prestigious hosts as proof of independence ignores how reputation and access work. The defensible conclusion is more precise: TerraMar was a real legal and communications operation whose founder, financing, and network position make it significant to the Epstein investigation.
Reliability and Limitations
This article uses official registers, IRS derived data, filed accounts, bank productions, a grand jury subpoena, deposition testimony, institutional event records, reporting, and open source research. The sources do not have equal weight.
High reliability: Company number, charity number, incorporation, directors, significant control filing, dissolution, return totals, check image, bank account title, wire amount, subpoena date, conviction, and sentence.
High reliability with a reporting caveat: TerraMar’s tax returns accurately show what the organization reported. The British accounts accurately show what was filed. Neither source independently proves that the underlying classification or narrative was complete.
Medium reliability: The defense commissioned accounting report’s $57,000 Epstein Interests Foundation donation and founder contribution totals. The figures are specific and consistent with reported liabilities, but the report served Maxwell’s bail position and was not a neutral forensic audit.
Medium or lower reliability: Former associates’ opinions about reputation cleansing, claims about the amount of genuine conservation work, and researcher interpretations of partial correspondence.
Unreliable without more proof: Claims of secret sovereignty, intelligence direction, maritime trafficking, diplomatic immunity, fake legal passports, or money laundering based only on branding, addresses, or social connections.
Other limits include OCR errors, redactions, missing donor schedules, unknown grant restrictions, incomplete bank context, lack of all invoices, and the inability to infer knowledge from board membership. The Epstein Files Evidence Framework should govern updates. When sources conflict, follow the document image, contemporaneous primary record, and properly attributed limitation.
Fact Check
Fact checked: September 8, 2026.
| Claim | Finding | Basis |
|---|---|---|
| TerraMar was one global legal entity | False | United States and United Kingdom bodies were legally distinct |
| Maxwell founded and controlled the project | True | Returns, Companies House, and deposition |
| Epstein founded TerraMar | Not established | He was a reported donor through Epstein Interests Foundation, not a listed founder |
| TerraMar received $57,000 from an Epstein foundation | Supported with qualification | Defense commissioned report says so; underlying transaction record not reviewed |
| Tides paid TerraMar $100,000 on June 6, 2014 | Incorrect date | Check image states May 26, 2014 |
| The $100,000 Tides payment came from Epstein | Not established | Check does not name the ultimate donor |
| The Tides check links TerraMar to World Without Exploitation | False as currently framed | Payment predates that project’s creation and no ledger connects them |
| TerraMar gave Maxwell a United Nations platform | True | Official United Nations media and program records |
| TerraMar was a United Nations organization | False | It was a private nonprofit and charitable company |
| TerraMar made political campaign donations | Not supported by reviewed returns | Filings report no campaign intervention or political expenditure |
| CGI recognition was a political donation | False | It was philanthropic program recognition |
| TerraMar had no activity | Overstated | It operated digital, educational, communications, and event programs, though visible direct conservation and grantmaking were limited |
| TerraMar itself was convicted of trafficking | False | No reviewed charge or conviction against the entity |
| Federal investigators subpoenaed its bank records | True | August 2019 grand jury subpoena rider |
| TerraMar closed before Epstein’s 2019 arrest | False | It announced closure six days afterward |
| The British charity dissolved on July 12, 2019 | False | The United States project announced closure then; the British company dissolved December 3 |
Questions That Still Need Answers
- What original bank record, check, or grant letter supports the reported $57,000 Epstein Interests Foundation donation?
- Which Tides account, donor advised fund, or donor supplied the $100,000 May 26, 2014 payment?
- What restrictions, proposal, deliverables, and reporting requirements accompanied that payment?
- Was the check deposited, returned, reissued, or allocated across the two TerraMar entities?
- Who supplied the other large contributions reported in 2012 and 2014?
- What were the terms, interest, approvals, and repayment expectations for Maxwell’s advances?
- Did the board formally approve each founder loan and review conflicts of interest?
- What work produced $211,688 in 2015 expenses while revenue was only $6,974?
- Which contractors received the largest payments, and what deliverables survive?
- What invoices explain the two February 2016 Emirates based incoming wires totaling $30,009?
- What was the exact legal name and beneficial ownership of the charter services sender?
- What work did VFILES LLC perform under invoice 1039?
- What did institutional hosts know about public allegations against Maxwell when they invited her?
- Who introduced Maxwell to each United Nations, CGI, TEDx, university, and Council on Foreign Relations platform?
- What complete correspondence exists among Maxwell, Stuart Beck, Amir Dossal, Paolo Zampolli, and other ocean policy intermediaries?
- Were any TerraMar donor or user records transferred, destroyed, or retained after closure?
- What happened to digital passport holder data and mailing lists?
- Did the United States corporation formally dissolve, and where is the final corporate filing?
- What did the 2019 final Form 990 report about asset disposition and outstanding liabilities?
- Did federal investigators reach any TerraMar specific conclusion that remains sealed or unreleased?
Related People and Organizations
- Ghislaine Maxwell, founder, president, director, trustee, creditor, and controlling person.
- Jeffrey Epstein, Maxwell’s co-conspirator and the person behind the reported Epstein Interests Foundation donation.
- Epstein Interests Foundation, reported source of a $57,000 TerraMar donation.
- Tides Foundation, issuer of the $100,000 check.
- Stuart Beck, Palau diplomat and ocean advocate who appeared with Maxwell.
- Amir Dossal, TerraMar board member and former United Nations partnerships official.
- Steven Haft, TerraMar director and media executive.
- Ariadne Calvo-Platero, TerraMar secretary and director.
- Christine Malina-Maxwell, TerraMar treasurer in the 2018 filing.
- Lucy Mary Clive and Catherine Vaughan-Edwards, directors and trustees of TerraMar (UK).
- Robert Foos, contracted director of development identified by Maxwell.
- Scott Borgerson, ocean policy figure who appeared with Maxwell and later became her husband.
- Paolo Zampolli, diplomatic intermediary appearing in researcher published TerraMar correspondence.
- Clinton Global Initiative, which recognized a TerraMar Commitment to Action.
- United Nations, venue for TerraMar ocean advocacy appearances.
- Council on Foreign Relations, venue for a 2014 ocean governance discussion.
- UBS and JPMorgan, banks appearing in the released account records.
Inclusion here means documented relevance to the organizational history. It does not assign criminal responsibility.
Related EpsteinWiki Pages
- Ghislaine Maxwell
- Jeffrey Epstein
- Ghislaine Maxwell Entities
- Epstein Financial Network
- United Nations
- United States Department of Justice
- Epstein Data
- Epstein Files Evidence Framework
- Epstein Network Levels of Involvement Scale
- Handling Contradictory Evidence
- EpsteinWiki Investigative Standards
- The Butterfly Bureau Podcast
- OSINT Investigation Tools
Source List
- ProPublica Nonprofit Explorer, TerraMar Project, Inc., EIN 45-5091884, IRS derived return archive and financial summaries.
- IRS 2018 Form 990-EZ for TerraMar Project, Inc., filed return image.
- Companies House overview, TerraMar (UK), company 08661523, legal identity and status.
- Companies House officers, director details.
- Companies House persons with significant control, Maxwell control disclosure.
- Companies House filing history, accounts, strike off, and dissolution.
- Charity Commission register, TerraMar (UK), charity 1154106, charity status, purposes, and financial history.
- United Nations media record, Oceans and Sustainable Development, June 25, 2013.
- United Nations program, Healthy Oceans and Seas: A Way Forward, February 4, 2014.
- U.S. Attorney’s Office, Ghislaine Maxwell sentenced to 20 years, June 28, 2022.
- Business Insider, TerraMar closure and financial review, July 18, 2019.
- The Independent, TerraMar reputation and operations review, December 23, 2021.
- Reuters, UBS relationship with Maxwell and TerraMar account records, February 8, 2026.
- Heather Ashley, Epstein’s Financial Web, open source lead review checked against primary records.
- Bekah Day, Skeletons in the Diplomatic Closet, researcher published TerraMar and diplomatic communications.
- Butterfly Bureau Episode 6 evidence note, explanation of the Tides check’s proper evidentiary boundary.
- EFTA00270646, Tides Foundation $100,000 check.
- EFTA00065557, defense commissioned financial report on Maxwell financing and Epstein Interests Foundation donation.
- EFTA00073635, UBS transfer recap.
- EFTA01279253, TerraMar UBS wire records.
- EFTA01517899, TerraMar JPMorgan statement page.
- EFTA00236034, UBS wire confirmation email.
- EFTA00235809, 2019 federal grand jury subpoena rider.
- EFTA00011375, EFTA00011376, EFTA00011377, and EFTA00011380, Maxwell deposition pages about TerraMar operations and compensation.
- Archived TerraMar website captures, historical mission, roster, programs, and closure material.