Leon Black Says ‘I Deeply Regret’ Involvement With Epstein
Leon Black Addresses Epstein Relationship in Letter to Investors
(Bloomberg) -- Apollo Global Management Inc. co-founder Leon Black expressed his regret at being involved with Jeffrey Epstein in a letter to the firm’s investors.
Black reiterated that he had turned to Epstein for financial matters such as taxes, estate planning and philanthropy, after a New York Times report about the billionaire’s relationship with Epstein, who died in jail after his arrest on federal sex-trafficking charges.
“With the benefit of hindsight -- and knowing everything that has come to light about Mr. Epstein’s despicable conduct more than 15 years ago -- I deeply regret having had any involvement with him,” Black said in the letter to Apollo’s limited partners dated Monday.
The Times report said that Black had wired Epstein at least $50 million in the years after the latter’s 2008 conviction for soliciting prostitution from a teenage girl.
“None of the reporting in the New York Times article is inconsistent in any way with the information I shared with you over a year ago,” Black said in the letter. “Epstein provided professional services to entities affiliated with my family regarding estate planning, tax and philanthropic endeavors. I have never tried to conceal these facts.”
Axios reported on the letter earlier Monday.
Black, 69, and Apollo representatives have said Epstein never invested in the firm’s funds. The two men had been acquaintances since at least the early 1990s.
Apollo conducted an internal review into its involvement with Epstein to ensure that any ties went no further than the firm’s co-founder, people with knowledge of the matter said last year. They looked at emails and records to determine there was no connection between the company and Epstein, one of the people said.
From time to time, Epstein met with Black at Apollo’s New York offices, and he pitched personal tax strategies to the firm’s executives, Bloomberg has reported.
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