Leon Black, co-founder of Apollo Global Management, paid Jeffrey Epstein approximately ** million** between 2012 and 2017 for what Black described as tax and estate planning advice.
Black’s Explanation: In 2021, after the payments became public, Black stated that Epstein had provided legitimate advisory services helping him save hundreds of millions of dollars in taxes through various strategic planning related to his estate and business holdings. An outside review commissioned by Apollo’s board (conducted by Dechert LLP) concluded the payments were for legitimate services.
Controversy: Critics and some Apollo investors found it implausible that tax advisory fees of this scale were justified, even for ultra-high-net-worth clients. The unusually large amounts suggested either an extraordinary service relationship or payments of a different nature.
Consequences: Leon Black stepped down as CEO of Apollo Global Management in July 2021, citing health considerations. The timing immediately following the disclosure of the payments and amid scrutiny over their nature was widely noted. He remained a board member and retained his economic interests in Apollo.
The payments to Epstein totaling million represented the largest documented financial relationship between any identified individual and Epstein outside of the Wexner relationship.