Leon Black’s prepared testimony for the House Oversight Committee says Jeffrey Epstein misled him on tax deductibility, costing him over $60M. Black denies any knowledge of Epstein’s crimes.
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Leon Black, the former CEO of Apollo Global Management, told the House Oversight and Reform Committee in prepared testimony Friday that Jeffrey Epstein duped him out of more than $60 million in fees.
Epstein falsely claimed the payments were tax-deductible, Black said in a statement shared ahead of his voluntary appearance. "That assurance was false," he said.
Black said he had never abused a woman or engaged in sex trafficking. He also denied being blackmailed by Epstein.
"I was not involved with, and had no knowledge of, any of Epstein's heinous conduct," Black said.
The prepared remarks cite a 2021 report by the law firm Dechert, which Apollo had retained to examine the payments. The report concluded Black paid Epstein $158 million, Black said. Dechert found that Epstein performed legitimate tax and estate planning work for Black's family office, saving billions of dollars.
Black said Epstein had told him the fees were deductible on a "60-cent dollar" basis. Black said he later learned that claim was not true. What he believed was $95 million in net fees actually totaled $158 million.
Black stepped down as Apollo CEO in 2021 after the relationship drew scrutiny. He remains chairman of the board.
The House committee has been investigating Epstein's ties to wealthy individuals.
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