Apollo CEO Leon Black to resign after review of Jeffrey Epstein ties
- Internal investigation found no evidence Leon Black was involved with Jeffrey Epstein’s criminal activities
- Review revealed the CEO had paid US$158 million to the disgraced financier from 2012 to 2017
Leon Black said on Monday he would relinquish his chief executive post at Apollo Global Management following an independent review of his ties to the late financier and convicted sex offender Jeffrey Epstein.
The review, conducted by law firm Dechert, found Black was not involved in any way with Epstein’s criminal activities. Black paid Epstein US$158 million for advice on tax and estate planning and related services between 2012 and 2017, according to the review.
Black, 69, said although the Dechert review confirmed he did not engage in any wrongdoing, he “deeply” regretted his involvement with Epstein.
“I hope that the results of the review, and related enhancements, will reaffirm to you that Apollo is dedicated to the highest levels of transparency and governance,” Black wrote in a note to Apollo fund investors.
Black has a net worth of almost US$10 billion, according to the Bloomberg Billionaires Index, with his fortune stemming from his stake in Apollo and its funds.