What Leon Black got for paying Jeffrey Epstein $158M

What Leon Black got for paying Jeffrey Epstein $158M

Black paid Epstein $158 million for advice on tax and estate planning and related services between 2012 and 2017, according to the review.

Though Mr Rowan has often worked from the shadows, he's known as the architect behind some of Apollo's most profitable wagers, including the money machine that grew into insurer Athene. In an earlier announcement on Monday, Apollo said that an independent review of Black's ties with disgraced financier Jeffrey Epstein, conducted by law firm Dechert LLP, found that Apollo never retained Epstein for any services and Epstein never invested in any Apollo-managed funds.

The review - ordered by the firm's board in October after The New York Times detailed at least $75 million in payments - found that Black had paid Epstein significantly more, according to two people familiar with the inquiry, who requested anonymity because the report was not public.

"I have advised the Apollo board that I will retire as CEO on or before my 70th birthday in July and remain as chairman", he said in a statement. Now Black is stepping down from his main role at the company, per the Times and the Wall Street Journal.

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Apollo said it plans to change its corporate governance structure, doing away with shares with special voting rights that now give Black and other co-founders effective control of the firm. Black co-founded Apollo 31 years ago. According to witnesses, including Black, "part of the challenge of working with Epstein was separating the good ideas from the bad ones."What's freakish to me is having Epstein in any way in charge of your estate planning", said University of Richmond law professor Allison Tait".

Apollo co-founder Marc Rowan, 58, will take over as CEO. New York City's chief medical examiner ruled that the cause of death was suicide by hanging. Dechert also spoke about how Epstein was helpful to Black, who is worth almost $ 10 billion, according to the Bloomberg Billionaires Index. One dispute was over a payment tied to the step-up transaction, with Black refusing to pay Epstein tens of millions of dollars that Epstein believed he had earned.Epstein pushed back on the issue through emails that invoked his friendship with the billionaire and referenced personal matters shared in confidence.

According to the Financial Times, Black believed that Epstein's advice had "conferred more than $1bn and as much as $2bn or more in value". Black and Epstein stopped communicating in 2018, the year before Epstein was arrested on charges of sex trafficking minors and later died in jail.

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