Investor Leon Black sent Jeffrey Epstein at least $ 50 million

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Top line

Billionaire investor Leon Black has maintained strong financial and personal ties with late financier Jeffrey Epstein nearly a decade after being initially condemned for sex crimes, the New York Times reported on Monday, shedding new light on one of Epstein’s most enduring business relationships years after many financial power brokers abandoned him.

Highlights

Black, co-founder and CEO of investment giant Apollo Global Management, transferred at least $ 50 million in payments to Epstein, in a multi-year business relationship that included paid financial advisory services from Epstein , joint charitable efforts and at least one business the two men have invested in, according to documents seen by the Times.

The two had known each other for over 20 years, and Black is said to have visited Epstein both at his home in New York and on his private island in the U.S. Virgin Islands (a source close to Black’s visit to the island said Forbes it was a one-off brief visit for lunch with Black’s wife).

This relationship continued at least until 2017, nine years after Epstein’s first indictment for soliciting prostitution from a minor, and it could help explain how Epstein maintained a nine-figure fortune. even after most of his other business partners breaking ties with the disgraced financier, the Times reported.

Despite these extensive financial and personal ties, Black claims during an Apollo earnings call last year, that his relationship with Epstein was “limited.”

A spokesperson for Black said Forbes his ties to Epstein – which ended after a 2018 fee dispute – included personal financial advice and philanthropic work, but Epstein did not do business with Apollo, adding that he was unaware of Epstein’s conduct and “deeply regrets having had any involvement with him.”

What to watch out for

In August, the Attorney General of the U.S. Virgin Islands plans announced to subpoena Black, as part of an investigation into his business dealings with Epstein. USVI attorney general also plans to subpoena hedge fund mogul Glenn Dubin, who faced charges from Virginia Roberts Giuffre, Epstein’s victim.

Large number

$ 8.1 billion. This is the current of Black net value, according to estimates by Forbes, an amount that includes its 23% stake in the listed Apollo.

Key context

Epstein was stopped for sex trafficking of minors last year, and he died while in federal prison, which was later ruled a suicide. Epstein apparently worked as a personal financial advisor for a range of high net worth clients, but many of those relationships fell apart after an initial round of allegations of trafficking and prostitution surfaced in the mid-2000s. among the people who apparently always voluntarily associated with Epstein.

Further reading

The Billionaire Who Stood by Jeffrey Epstein (New York Times)

Virgin Islands to subpoena billionaire investor Leon Black in Jeffrey Epstein case (Forbes)

Jeffrey Epstein’s dark facade finally cracks (Forbes)

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