Leon Black
Leon Black co-founded Apollo Global Management, one of the largest private equity firms in the world. Before the Epstein revelations, he was widely recognized as one of the most powerful figures in American finance.
The Payment Amounts
Black paid Epstein approximately million total between 2012 and 2017: approximately million initially, with the remainder in subsequent payments. These were the largest known payments made to Epstein by any individual during this period years after Epstein’s 2008 sex offender conviction.
The Stated Justification
Black described the payments as compensation for Epstein’s advice on estate planning, tax optimization, and the restructuring of his family trusts. He said the advice was worth the enormous fees due to tax savings generated.
Questions Raised
The payments raised profound questions: Why would a sophisticated billionaire with access to leading legal and financial advisors pay an enormous sum to a convicted sex offender? The justification tax advice was challenged by experts who said the fees were disproportionate to any conceivable legitimate service.
Apollo’s Investigation
Apollo commissioned an investigation that concluded Black had paid Epstein for legitimate services but used poor judgment. Following the investigation’s release in 2021, Black resigned as CEO of Apollo.