Leon Black, co-founder of Apollo Global Management, testified before the House Oversight Committee, denying allegations that he paid Jeffrey Epstein for sexual services or to arrange meetings with women. Black maintained that he paid Epstein $158 million for tax and estate planning advice between 2012 and 2017, regretting his association with the disgraced financier. He asserted that an internal investigation by Apollo, conducted by an outside law firm, concluded he paid Epstein for legitimate financial advisory work.
Despite Black's claims, Senator Ron Wyden (D-OR), Chairman of the Senate Finance Committee, has been vocal about his skepticism regarding the $158 million payments to Epstein for tax advice. Wyden pointed out that Epstein was not an accountant or tax lawyer and questioned why Black paid him an amount vastly exceeding what he paid premier law firms for similar services. Wyden also highlighted unsealed DOJ records that suggest Epstein may have funneled "hush money" payments to women on Black's behalf and kept tabs on women with whom Black had reached settlements.
Wyden's investigation, which has been ongoing for over a year, also delves into Black's tax strategies, including trust arrangements that may have improperly moved assets out of his estate. Additionally, Wyden referenced a $62 million settlement Black made with the government of the U.S. Virgin Islands to avoid criminal prosecution related to Jeffrey Epstein, questioning the nature of the conduct covered by this immunity. Wyden emphasized that Black has not provided a credible explanation for the extraordinary compensation to Epstein, and that Epstein's services for Black likely extended beyond routine tax and estate planning.
House Republicans had asked Black, as well as Bill Gates and Kathryn Ruemmler, to testify before the committee as part of their investigation into the Epstein files. Black's attorneys from Dechert LLP previously stated that an internal Apollo investigation reviewed over 60,000 documents and concluded Black paid Epstein for estate planning and tax advice only. However, the recently unsealed DOJ files have renewed scrutiny on Black's connections and have led to prosecutors investigating sexual assault claims against him from at least four women, although no charges have been brought.
Black and Apollo CEO Marc Rowan also face a proposed shareholder class-action lawsuit alleging they misled investors about Apollo's dealings with Epstein. The lawsuit claims that regulatory filings in 2021 and 2022 falsely denied Apollo had business with Epstein, despite alleged frequent communication between Epstein and senior leadership. Apollo has maintained that the firm never had a business relationship with Epstein, and that Black was the sole client for Epstein's tax work.
