Billionaire financier Leon Black is scheduled to appear before the House Committee on Oversight and Reform on Friday as part of its investigation into Jeffrey Epstein. The interview will be conducted behind closed doors, though the committee is expected to release a transcript later.
Potential Groundbreaking Deposition
James Comer, the Republican congressman who chairs the committee, told reporters: "Of all the witnesses that have come thus far, this one has the potential to be the most groundbreaking deposition in my opinion. There’s a lot of concerning things in the documents, there are a lot of statements from the survivors that are very concerning as well, with respect to Mr Black. Obviously he is going to have an opportunity to defend himself and for due process, but this could be a pretty significant deposition as we try to get answers."
Black's Ties to Epstein
Black, the former CEO of Apollo Global Management, has faced questions over his past ties to Epstein for years. Scrutiny intensified after the Department of Justice released millions of records related to Epstein late last year and earlier this year. In 2021, Black stepped down as chairman and chief executive of Apollo Global Management.
According to a report commissioned by Apollo, Epstein provided financial services to Black between 2012 and 2017. After Epstein pleaded guilty to Florida state prostitution charges in 2008, including procuring a minor, Black became Epstein’s largest client, paying him roughly $170 million in fees, according to an investigation by the Senate Finance Committee. Black has described the work as tax and estate-planning services.
Black's Prepared Remarks
In prepared remarks to Congress viewed by the Guardian, Black wrote that he is appearing "to set the record straight about my relationship with Jeffrey Epstein and, in particular, why I paid him the money I did." He stated: "I knew Epstein for 18 years before I paid him a dime. By the time I first paid Epstein in 2013, I knew him to possess an unrivaled network of relationships with individuals in finance, academia, science, politics, and more. I also knew him to possess a remarkable acumen about tax, insurance, and trusts and estates matters." Black added that he "paid Epstein for his bona fide advice on these matters, in addition to helping to manage and improve the operation of my nascent Family Office."
Black said: "With the benefit of hindsight, I now know, as does the world, that Epstein was engaged in horrific, sordid activities. I feel terrible for Epstein’s victims." He claimed he did not know about Epstein's nefarious activity until Epstein was charged with trafficking in July 2019, but acknowledged knowing about Epstein's 2008 guilty plea. "Epstein told me that it was an isolated incident resulting from a fake ID," Black said. "Five years after his conviction, I gave Epstein a second chance, as did many others. I wish I had not."
DOJ Documents and Allegations
Among the DOJ-released documents was one titled "PROMINENT NAMES," which included Black. Under Black’s name, the document lists allegations including that "Epstein told [name redacted] to give Black a massage while Black was naked" and that "another female gave Black a massage and he made her perform oral sex." Black has denied these allegations and any wrongdoing.
In his prepared remarks, Black wrote: "Let me state unequivocally that I have never abused a woman. I have never been with an underage woman. I have never engaged in sex trafficking. I have never paid Epstein for access to women. I was never blackmailed by Epstein. I was not involved with, and had no knowledge of, any of Epstein’s heinous conduct."
Lawsuits and Investigations
Three women have sued Black for alleged sexual abuse, which he has repeatedly denied. One suit was dismissed, one withdrawn, and one remains pending. Black's lawyers have called the allegations false. Another DOJ document stated that the "Manhattan district attorney’s office began looking into allegations against Leon Black," but no charges have been brought.
Separately, the US Virgin Islands conducted a civil investigation into Black’s ties to Epstein, resulting in Black agreeing to pay $62.5 million in a settlement. The agreement stated: "The terms of this Agreement shall not be cited by any person as evidence of wrongdoing by Black."
Apollo's Independent Review
In 2020, Apollo hired Dechert LLP to conduct an independent review, which examined over 60,000 documents and interviewed more than 20 witnesses. The firm found "no evidence that Black or any employee of the Family Office or Apollo was involved in any way with Epstein’s criminal activities at any time." The report also concluded there was "no evidence that Epstein ever introduced Black, or offered to introduce Black, to any underage woman" and no indication that Apollo used Epstein’s services.
According to the report, Black and Epstein maintained a social relationship from the mid-1990s until 2018. Black retained Epstein for advising on trust and estate planning, taxes, and philanthropy. Black wrote that "Epstein solved a massive estate problem for me, that none of the experts and lawyers I consulted had been able to solve." He also noted that Epstein told him the fees were tax-deductible "60-cent dollars," which Black later learned was untrue.
Black's Termination of Epstein
Black stated that he fired Epstein in 2018 "after growing tired of his relentless pursuit of more and more money from me for professional service, his mistruths and misrepresentations regarding the ‘60 cent fee’ payments, and his failure to repay most of a $30m demand loan that I had made to him."
Congressional Scrutiny
The House oversight committee sent a letter to Black in March requesting an interview. Later that month, Senator Ron Wyden alleged that DOJ records suggested Epstein may have served as a "fixer" regarding women paid tens of millions of dollars, accusing Black of using Epstein to conceal payments. In a June letter, Wyden said the deposition "presents a unique opportunity to get answers from one of Epstein’s largest benefactors." Black’s representatives rejected Wyden’s claims as "outrageous and false."
A spokesman for Black told the Wall Street Journal: "Mr Black paid Epstein for tax and estate planning work and he had no awareness of Epstein’s criminal activity. He looks forward to answering the committee’s questions."
In his opening statement, Black concluded: "I wish I had never met Epstein. I regret ever doing business with him. My association with him, the frivolous but destructive litigation, the endless rumor mill, have created a toxic environment for my wife and family, which I deeply regret." He added: "I am here to voluntarily answer questions about the work that Epstein did for me and for the services for which I paid him. I am not here to answer questions about my personal life which would be hurtful to my wife, children and family."
