Apollo's Leon Black Clarifies His Relationship With Jeffrey Epstein to Investors
(Bloomberg) -- Leon Black, the billionaire chairman of Apollo Global Management, assured investors in the firm’s funds that his relationship with convicted sex offender Jeffrey Epstein didn’t extend to the private equity company.
“I want to emphasize that Apollo has never done any business with Mr. Epstein,” Black said in a July 31 letter to the firm’s limited partners, a copy of which was obtained by Bloomberg. “Neither Mr. Epstein nor any company controlled by him has ever invested in any funds managed by Apollo.”
Black, 68, reiterated points made during an earnings call Wednesday with analysts and a memo sent to employees last week that Epstein provided certain services to his family partnership and entities relating to tax, estate planning and philanthropic advice. He also asserted that no employee of the firm engaged Epstein’s services, nor did he promote Epstein to other senior executives.
Epstein was arrested July 6 after stepping off his private plane in New Jersey from a trip to Paris and charged with molesting teenage girls from 2002 to 2005. He has pleaded not guilty to the federal charges and is being held in a Manhattan jail. He served 13 months in Florida after pleading guilty in 2008 to state charges of soliciting prostitution.
“I was completely unaware of, and am deeply troubled by, the conduct that is now the subject of the federal criminal charges brought against Mr. Epstein,” Black said in the letter.
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