Leon Black Begins Making Extraordinary Payments to Epstein for Advisory Services
Leon Black, founder and CEO of Apollo Global Management, begins making payments to Jeffrey Epstein for purported financial advisory services — primarily described as estate planning and tax advisory work. Between 2012 and 2017, Black pays Epstein approximately $158 million. The extraordinary scale of these payments — to a known convicted sex offender — would eventually trigger an independent review by Apollo, find its way into public reporting, and contribute to Black's departure as CEO in 2021.
People Involved
The Black-Epstein financial relationship was the most significant known payment to Epstein beyond the Wexner relationship — and remains one of the least fully explained aspects of the case.
The Scale
$158 million paid over five years to a single financial advisor — even an extremely skilled one — is aberrational. Normal fees for estate planning and tax advisory work, even for ultra-high-net-worth clients with complex structures, would be a fraction of this amount.
An independent review commissioned by Apollo’s board concluded that Black had received services commensurate with the payments, pointing primarily to sophisticated tax strategies. Critics of the review noted that an internal review commissioned by the client of an outcome had obvious independence limitations.
Why It Matters
Black’s payments to Epstein continued years after Epstein’s 2008 conviction and through his registered sex offender period. Black maintained the relationship with full knowledge of Epstein’s criminal status.
The Apollo Consequences
When the payments became publicly known through New York Times reporting in 2021, they triggered:
- Apollo’s commissioned independent review
- Significant shareholder and partner concern
- Black’s announcement that he would not extend his term as CEO
- His resignation as CEO in March 2021, though he remained chairman for a period
The Unanswered Question
What $158 million in payments from one of the world’s most sophisticated private equity executives to a sex offender actually represented — in terms of services rendered, leverage held, or relationships maintained — remains unresolved.