Leon Black co-founded Apollo Global Management in 1990 and built it into one of the world's largest private equity firms, managing over $450 billion in assets. His relationship with Jeffrey Epstein became a major corporate governance crisis when the extent of their financial dealings was revealed.

Between 2012 and 2017 — years after Epstein's 2008 sex crimes conviction and registration as a sex offender — Black paid Epstein approximately $158 million for what was characterized as tax and estate planning advice. The payments were disclosed after investigative reporting and shareholder pressure prompted Apollo's board to commission an independent review by the law firm Dechert LLP.

The Dechert review, completed in January 2021, concluded that Black had received legitimate professional services from Epstein and found no evidence that Black participated in or was aware of Epstein's criminal activities. However, the review acknowledged the payments were extraordinary in scale for advisory services. Critics questioned how any advisory relationship could justify $158 million in fees, and why Black continued the relationship after Epstein's conviction.

Black stepped down as Apollo's CEO on March 22, 2021, though he remained chairman until early 2022. He stated the decision was related to health issues, though the Epstein controversy was widely viewed as a significant factor. A lawsuit filed by Guzel Ganieva alleged misconduct by Black, which he denied. The episode became a case study in how Epstein leveraged financial advisory relationships to maintain connections with powerful figures even after his conviction.

Corporate Filings / Independent Review / SEC Records / Investigative Reporting