Former Apollo Global Management CEO Leon Black says Jeffrey Epstein duped him into paying more than $60 million in financial management fees by falsely claiming the charges were tax-deductible. In prepared testimony for a House committee, Black says he was also misled by Epstein’s “Jekyll-and-Hyde” personality.
Black is set to be interviewed by the House Oversight and Government Reform Committee, which has been examining Epstein’s ties to wealthy and influential people. In prepared remarks shared with CNBC, Black said he came forward “voluntarily to set the record straight” about the relationship and the payments he made.
What Black says he did not do
Black’s statement also includes a series of denials about Epstein’s conduct. He says he has “never abused a woman,” “never been with an underage woman,” and “never engaged in sex trafficking.”
He also says, “I have never paid Epstein for access to women,” and denies being blackmailed or having knowledge of Epstein’s “heinous conduct.”
The Dechert report and the fee dispute
Black’s remarks rely on the 2021 Dechert report, a review commissioned to examine how much he paid Epstein for financial advice, what work Epstein performed, and whether Black knew about Epstein’s conduct before Epstein’s 2019 arrest on federal child sex trafficking charges.
According to the prepared statement, the Dechert report concluded that Black had paid Epstein $158 million. It also found that Epstein provided “highly valuable and legitimate tax and estate planning services” for Black’s family office, with work that saved billions of dollars in taxes and was vetted by reputable law and accounting firms.
Black says Epstein told him the fees were tax-deductible, or “60-cent dollars,” which Black says he later learned was not true. He says that what he believed was $95 million in net fees over five years was actually $158 million.
www.cnbc.com reported the remarks as breaking news, and Black’s appearance before the committee is expected later Friday morning. The committee’s scrutiny of Epstein’s network has continued to draw attention to the relationships he maintained with prominent figures in business and finance.