Leon Black

Career at Apollo

Leon Black co-founded Apollo Global Management in 1990 after leaving Drexel Burnham Lambert following the Michael Milken junk bond scandal. He built Apollo into one of the world’s largest alternative asset management firms with over billion in assets.

Connection to Epstein

Between 2012 and 2017, Black paid Jeffrey Epstein approximately million. When the payments became public in 2021, Black stated they were for sophisticated tax and estate advisory work that had saved him several hundred million dollars through complex transactions.

An outside review commissioned by Apollo’s board (by Dechert LLP) concluded the payments appeared to be for legitimate services. Critics questioned whether the explanation was adequate given the scale of the payments.

Resignation from Apollo

In March 2021, Black announced he would step down as CEO of Apollo, citing health considerations. The timing immediately after the disclosure of the payments and amid investor pressure was widely noted. He retained his board seat and financial stake.

Marc Rowan assumed the CEO role.

Separate Allegations

Black also faced separate civil allegations from Guzel Ganieva, who alleged an abusive sexual relationship. Black denied these allegations and filed defamation counterclaims. The litigation continued for years.