Billionaire Apollo CEO Leon Black to resign after investigation reveals he paid $158 million to Jeffrey Epstein
Apollo Global ManagementCEO Leon Blackis resigning following an investigation into his relationship with Jeffrey Epstein.
- The independent review unearthed $158 million in payments to Epstein and his charity.
- It also concluded neither Black nor Apollo employees were involved in Epstein's criminal activities.
The report found larger than previously known payments from Black to the disgraced financier, though it said that the payments were for legitimate financial and tax-planning services.Epstein was arrested in 2019 on suspicion of trafficking dozens of underage girls as young as 14 in the early 2000s, before dying while in federal prison.
The review, conducted by the law firm Dechert, found Black had paid $158 million to Epstein from 2012 to 2017 for a "variety of issues related to trust and estate planning, tax, philanthropy, and the operation of the Family Office."Dechert's investigation also found neither Black, nor any employees of Apollo or Black's family office were involved with any of Epstein's criminal activity, and that "there is no evidence that Epstein ever introduced Black, or offered to introduce Black, to any underage woman," though it noted that Black and Epstein continued to communicate until October 2018. Following his death, many wondered how Epstein could have amassed his wealth. Some of his closest friends in the business community included retail magnate Leslie Wexner, Johnson & Johnson heiress Elizabeth Johnson, and hedge-fund billionaire Glenn Dubin.
Epstein was listed as the sole director of Black's family foundation for more than a decade, his name appearing on tax filings even after Epstein pleaded guilty in 2008 to soliciting prostitution from a teenage girl. Apollo later said that his name was included on tax forms in error and that Epstein stepped down as director in 2007.The New York Times reported that Black wired Epstein at least $50 million in the years after Epstein's 2008 conviction. A spokesperson for Black told the publication that Black "received personal trusts and estate planning advice as well as family office philanthropy and investment services from several financial and legal advisors, including Mr. Epstein, during a six year period between 2012 and 2017."
Later the same month, Apollo announced that a group of board members, at the request of Black, would review Black's relationship with Epstein, with the law firm Dechert retained to conduct a review and provide a report on the matter.
In stepping down from Apollo, Black marks the latest billionaire with Epstein ties to announce his resignation.In January 2020, Dubin stepped back from his hedge fund, Engineers Gate, to invest in private
- How Airtel’s AdTech platform is planning to deliver on the promise of ‘zero ad frauds’ to its clients
- Traffic jam on the Ganga - one of India's largest rivers will now get lane separators to deal with crowded boats
- Synology DiskStation DS220+ review – the perfect cloud replacement for backing up photos and files
- US drug regulator says Johnson & Johnson's Covid-19 vaccine safe and effective
- Top stocks to watch on February 25