On Monday morning, Jeffrey Epstein, the 66-year-old financier and reported friend of Donald Trump and Bill Clinton, was arraigned in federal court for luring underage young girls to his homes in Manhattan and Palm Beach, Florida and soliciting them for sex.

The billionaire was first arrested in 2005 for engaging in sex with minors. The hedge fund manager pleaded guilty to soliciting an underage prostitute and served only a year in prison—with a condition of work release that permitted him to leave the facility six days a week to continue employment.

This past weekend, the registered sex offender was once again arrested under new charges of sex trafficking dozens of minors as young as 14 years old. In a public statement, the U.S. Attorney's office said that between 2002 and 2005 Epstein lured young girls to his homes under the guise of paying for a "massage": "In this way, Epstein created a vast network of underage victims for him to sexually exploit, often on a daily basis." Indeed, of the nearly 80 young girls thought to be molested by the billionaire, most were from low-income households and particularly vulnerable to his cash-exchange ploy.

If found guilty, Epstein faces up to 45 years in prison for one count of sex trafficking and an additional count of sex trafficking conspiracy. But the prominent figure has been under investigation since last year. When authorities searched the man's Manhattan townhouse, nude photographs of underage girls were seized as evidence of Epstein's exploitation of minors. According to the indictment, which was unsealed on Monday, he not only assaulted young girls in his mansion but recruited them to return for repeated abuse and asked them to bring their friends.

Geoffrey S. Berman, the United States attorney in Manhattan, appealed to any other young women who have been abused by Epstein to come forward. "They deserve their day in court and we are proud to stand up for them by bringing this indictment," he told The New York Times. He said Epstein's "alleged behavior shocks the conscience."

On Monday afternoon, Epstein pleaded not guilty to all charges. Prosecutors are requesting that Epstein be held without bail until his trial.