Question
What was Leon Black’s relationship with Epstein and how much did he pay him?
Answer
Leon Black, the billionaire co-founder and then-CEO of Apollo Global Management, paid Jeffrey Epstein approximately $158 million in fees between 2012 and 2017. This is the largest confirmed payment from any individual to Epstein.
Black commissioned an independent review of these payments in early 2021 following the scrutiny that emerged after Epstein’s death and arrest. The review, conducted by the law firm Dechert LLP, concluded that the payments were made for legitimate tax and estate planning services — specifically relating to Black’s complex personal financial structures, including trusts and estate planning to minimize tax liability on Black’s substantial fortune.
The Dechert report’s conclusion that the arrangement was legitimate has been contested. The sheer scale of the payments drew skepticism from financial analysts and investigators, who noted that $158 million is an extraordinary fee even for high-level tax advice, and that Epstein had no conventional credentials as a tax attorney.
The relationship’s intensity and duration extended well past Epstein’s 2008 sex crimes conviction in Florida, which critics pointed to as a failure of due diligence.
In March 2021, Black announced he would step down as CEO of Apollo Global Management, stating the controversy over his Epstein relationship had become a distraction, though he denied any wrongdoing. He remained at Apollo in a chairman role initially before fully departing.
Sources
- Dechert LLP independent review, January 2021
- Apollo Global Management board statement, March 2021
- New York Times reporting on Black-Epstein relationship