Billionaire Leon Black has publicly defended the US$158 million he paid to convicted sex offender Jeffrey Epstein, asserting that the funds were for legitimate financial advice and that he had no knowledge of Epstein's criminal activities. The payments, which spanned several years, have drawn intense scrutiny as part of ongoing investigations into Epstein's network.
Black's Statement on Epstein Payments
In a statement released Thursday, Black said that he retained Epstein as a consultant for tax and estate planning advice from 2008 to 2018. He emphasized that all payments were made to Epstein's companies and that he was unaware of Epstein's illegal conduct at the time. 'I deeply regret having had any involvement with Jeffrey Epstein,' Black said. 'I have never been accused of any wrongdoing, and I am cooperating fully with all inquiries.'
The payments have been a focal point of lawsuits and regulatory probes. Black, co-founder of Apollo Global Management, stepped down as CEO in 2021 amid controversy over his ties to Epstein. He remains chairman of the firm's board.
Details of the Financial Relationship
According to court documents and Black's own disclosures, the US$158 million included fees for services such as estate planning, tax advice, and introductions to wealthy individuals. Black has argued that Epstein was recommended by reputable professionals and that his own due diligence failed to uncover Epstein's crimes.
Critics, however, question why Black continued to work with Epstein after Epstein's 2008 federal conviction for soliciting a minor. Epstein was registered as a sex offender in Florida and New York. 'The magnitude of the payments raises serious questions about what Black knew and when,' said a legal analyst not involved in the case.
Legal and Regulatory Fallout
The U.S. Virgin Islands attorney general has subpoenaed Black as part of an investigation into Epstein's financial network. Black has provided documents and testimony, according to his legal team. Apollo Global Management has also faced investor lawsuits alleging that Black's relationship with Epstein damaged the firm's reputation.
Black has not been charged with any crime. He maintains that his interactions with Epstein were purely professional and that he has cooperated with authorities. 'I am confident that the facts will show I acted appropriately at all times,' he said.
Broader Implications
The case highlights ongoing efforts to trace Epstein's financial dealings and identify enablers. Epstein died in 2019 while awaiting trial on federal sex trafficking charges. Since then, multiple lawsuits have targeted associates and institutions that facilitated his crimes.
Black's defense comes amid a wider reckoning in the financial industry over ties to Epstein. Other prominent figures, including former Barclays CEO Jes Staley, have also faced scrutiny. Regulators are expected to continue probing whether companies failed to vet Epstein adequately.
