Who Is Leon Black?
Leon Black is the co-founder of Apollo Global Management, one of the world’s largest private equity firms. He was one of the wealthiest private equity executives in the world, with personal net worth estimated at several billion dollars.
The Payments
Triggered by media scrutiny in 20192020, an independent review commissioned by Apollo Global found that Black paid Epstein approximately ** million** between 2012 and 2017years after Epstein’s 2008 conviction and sex offender registration.
The payments were for:
- Tax and estate planning advice
- Legal resolution services for a complex trust structure
- Other financial advisory work
The Review
Apollo commissioned the law firm Dechert LLP to investigate. The Dechert review concluded:
- The payments were for legitimate (if expensive) financial services
- Black had a personal relationship with Epstein that went beyond pure professional dealings
- The scale of the payments was unusual
Black’s Departure
Leon Black announced he would step down as Apollo Global Management’s CEO in March 2021three months earlier than planned citing personal health reasons but amid the intense scrutiny of the Epstein relationship. He remained as chairman briefly.
What Was Not Found
The Dechert review found no evidence that Black participated in or had knowledge of Epstein’s trafficking activities. However, the million in post-conviction payments represented the largest documented financial relationship between Epstein and a named individual.