Leon Black
Black represents the most extensively documented financial relationship between Epstein and a private client post-conviction, involving $158 million in advisory payments, comprehensive access to a multi-billion-dollar family financial architecture, and a fee structure that far exceeded what Black paid other professional advisors.
Leon D. Black (born July 31, 1951) is an American billionaire financier, co-founder and former CEO of Apollo Global Management, and the single largest documented private payer to Jeffrey Epstein. Between 2013 and 2017, Black paid Epstein approximately $158 million in consulting fees routed primarily through Southern Trust Company, Inc., an Epstein-controlled U.S. Virgin Islands entity. These payments, confirmed by the Dechert LLP independent investigation commissioned by Apollo's Conflicts Committee and filed as an SEC 8-K exhibit on January 25, 2021, covered estate and tax planning, art advisory, trust restructuring, and advisory coordination across Black's multi-billion-dollar family financial architecture. The payments began with $23.5 million under a signed service agreement in 2013 for resolving a structural defect in a 2006 GRAT carrying an estimated $500 million estate tax liability; subsequent payments of $70 million (2014), $30 million (2015), and $8 million (2017) were made ad hoc. Separately, Black loaned Epstein $30.5 million in early 2017 through BV70 LLC for a purported art transaction; Epstein repaid only $10 million before his death.
The advisory relationship extended far beyond conventional financial consulting. Epstein served as vice president and secretary of the Leon Black Family Foundation from approximately 2010 to 2012 — after his 2008 Florida conviction — and maintained a 25-item work program spanning virtually every dimension of Black's personal and professional financial life 1. Over a dozen professional advisory firms, including Paul Weiss, PricewaterhouseCoopers, and Apollo's internal legal function, fed into an arrangement with Epstein as the central coordination point. Calendar entries document meetings between the two men multiple times per month from at least 2010 through July 2018.
The Dechert report found "no evidence that Epstein ever introduced Black, or offered to introduce Black, to any underage woman," but acknowledged that compensation "far exceeded any amounts Black paid to his other professional advisors." The Manhattan District Attorney's office (DANY) investigated Black on trafficking allegations involving at least three victims connected to Epstein, with Wigdor LLP partner Jeanne Christensen representing the complainants 2. DANY ultimately closed its investigation as to Black. Black stepped down as Apollo CEO in March 2021 and was succeeded by Marc Rowan. A civil sexual assault lawsuit, Doe v. Black (1:23-cv-06418, SDNY), filed July 25, 2023, remains pending as of February 2026, with an appeal before the Second Circuit (25-564). Black has since conducted an orderly liquidation of his Apollo holdings, reducing his position from over 67 million shares in January 2022 to approximately 4.5 to 7 million shares through a steady pattern of sales and gifts totaling hundreds of millions of dollars.
The $158 Million Payment Structure
The financial relationship between Leon Black and Jeffrey Epstein is the most extensively documented client-advisor arrangement in the investigation, with a complete transaction ledger preserved in Dechert LLP Exhibit A 3. The payments began on February 15, 2013, when Black transferred $15 million to Southern Trust Company as the first installment under a signed service agreement. The second installment of $8.5 million followed on October 15, 2013. These initial $23.5 million compensated Epstein for what the Dechert investigation identified as "the most valuable piece of work Epstein provided Black" — discovering and resolving a structural defect in a 2006 Grantor Retained Annuity Trust that carried an estimated $500 million estate tax liability. The defective GRAT had been established by a trusts and estates attorney who had himself been recommended by Epstein.
In the same year, an additional $26.5 million was paid under a second, unsigned agreement, bringing total 2013 payments to $50 million. The 2014 payments reached $70 million, paid ad hoc rather than under formal agreement, including $20 million attributed to a "step-up basis transaction." The 2015 payments totaled $30 million. No payments were made in 2016 due to a fee dispute. A final $8 million was paid in April 2017 for tax advisory and compliance work, bringing the confirmed total to $158 million. Exhibit A documents 21 individual transactions flowing through multiple Black entities — Leon and Debra Black personally, Black Family Partners LP, Narrows Holdings LLC, and BV70 LLC — to Southern Trust Company, with smaller amounts to Gratitude America Ltd and Plan D LLC. All transactions carry Deutsche Bank-SDNY Bates numbers for full provenance.
The payments were routed to obscure both the payer and recipient. The October 2015 payment of $19.75 million was split: $15 million to Southern Trust Company via Black Family Partners, and $4.75 million to J Epstein VI Foundation directed through an automotive LLC — a single-member LLC Black used for automobile purchases — specifically to "avoid public disclosure of Leon name" 4. Richard Kahn directed Brad Wechsler (Black's family office CEO) on the routing. The $4.75 million required a loan from either Leon Black's personal account or LDB 2014 LLC because the automotive entity lacked sufficient cash. The routing through an automotive LLC to avoid public disclosure of Black's name is documented in EFTA02339486. Dechert acknowledged that Black was under the "misconception" that the payments were tax-deductible — paying in "sixty cent dollars" — based on what Epstein told him.
Epstein's Scope of Control Over Black's Finances
Epstein's penetration of Black's financial affairs was comprehensive and without parallel among his documented clients. A House Oversight document from October 27, 2015 1 reveals a 25-item work program covering virtually every dimension of Black's personal and professional financial life: "1 phaidon 2 new trustee 3 art partnership 4 grats 5 art space 6 regan arts 7 plane restructure refinance 8 boat restructure 9 estate plan refresh 10 TRA review sale 11 BRH doc review 12 sale of stock/art 13 gifts of art 14 charity pledges 15 cash flow 16 new IT/personnel 17 operational redo 18 debra/children involvement 19 tax plan disclosures gaming foreign apollo and phaidon related 20 investments rationalize 21 bank loans consolidate 22 consolidate/reduce entities 23 outside consultants 24 review legal bills 25 Bens house alex films." A separate May 2015 document 5 lists Epstein's advisory scope as including "investment, PE, real estate, publishing, grats, tra, brh (death), foundation, museum, tax projections cash flow projections, coordination with tax from apollo." The "(death)" reference to BRH indicates Epstein was specifically modeling the consequences of a founder's death on the BRH partnership structure — the most sensitive possible corporate succession scenario for Apollo Global Management.
Epstein received detailed financial reports on Black Family Partners LP, the central family holding partnership that managed approximately $1.95 billion in assets as of June 30, 2013. BFP held 92,717,166 Apollo shares distributed across eight partners: Leon Black personally (7.4%), the Black 2006 Family Trust (71.5%), the 1997 Black Family Trust (9.2%), the Judah 2009 Trust (4.7%), LDB 2011 LLC (7.2%), and other entities. Richard Joslin, CFO of Elysium Management LLC (Black's family office at 445 Park Avenue, Suite 1401), routinely sent Epstein trust accounting summaries, charity commitment lists, cash flow projections, art valuations, password-protected tax returns, and GRAT annuity payment schedules. Ada Clapp, Chief Legal Officer at Elysium, sent Epstein the Administrative Services Agreement between Elysium and APO1 Trust along with the full GRAT package including the trust agreement, initial funding assignment, annuity payment chart, and Empire Valuation invoices. Brad Wechsler, CEO of Elysium, communicated with Epstein on three-way email chains about Athene capital calls, Phaidon credit facilities, and BFP entity structures.
Beyond direct advisory work, Epstein served as the central coordination point for an ecosystem of professional advisors that had previously operated independently. A House Oversight document 6 lists the full advisory network Epstein managed: Paul Weiss, McDermott Will & Emery, Macfarlanes (UK), PricewaterhouseCoopers, Reich (accounting), Withers Bergman, Empire Valuation Consultants, Akin Gump, BDO Seidman, and "Apollo in house" — confirming Epstein had direct coordination with Apollo's internal tax and legal function. Epstein described the pre-existing situation as "many outside counsel with little or no coordination." This structural role as single coordination point for a dozen-plus advisory firms explains both the magnitude of the $158 million fee and the difficulty of replacing him. When the arrangement deteriorated, Epstein wrote: "nuts. he needs to replace wechsler, joslin, castrucci. its WAAAYY overdue. paralized him" — Epstein's characterization — "paralized him" — suggests he viewed Black as operationally dependent, though this reflects Epstein's subjective assessment.
Apollo and the Co-Founder Tax Exposure
Epstein's advisory relationship with Black extended to matters affecting all three Apollo Global Management co-founders — Black, Joshua Harris, and Marc Rowan — through the BRH Holdings partnership structure. BRH Holdings GP Ltd, a Cayman Islands exempted company owned and controlled by all three founders, held the single Class B share of Apollo Global Management LLC, which controlled 79.7% of voting power post-IPO while representing no economic interest. BRH Holdings LP was the underlying partnership through which the founders held their economic interests. All three founders were required to file IRS Form 8865 (Return of U.S. Persons With Respect to Certain Foreign Partnerships) annually for BRH Holdings LP.
In August 2016, Epstein discovered a critical compliance failure: he had been filing Form 8865 for Black since 2013, but the filings were inaccurate. More significantly, Harris and Rowan had never filed Form 8865, creating open statutes of limitation extending back to at least 2007 7. Epstein discussed the matter with Brad Karp at Paul Weiss, who responded: "First I have heard of this." Epstein proposed filing three or six years back under the IRS delinquent international disclosure program. By September 29, 2016, Apollo's Suzanne Wong was coordinating with Deloitte to complete historical 8865 data back to 2007 by end of October. This compliance crisis gave Epstein direct knowledge of and involvement in the tax affairs of all three Apollo founders, not just Black. It also exposed a broader pattern: Steven Pesner was placed on the 8865 advisory team for all three founders, with Epstein finding Pesner "difficult to finesse" and overriding his advice.
Financial Trust Company, an Epstein entity, separately purchased 263,257 shares of Apollo Global Management stock during its March 2011 IPO through a "directed share offering program managed by the lead broker-dealer." These shares, worth approximately $5 million at the IPO price of roughly $19 per share, were later transferred to Southern Financial LLC in 2013 and held through at least September 2019. Dechert concluded that "Apollo never did any business with Epstein," yet a directed share allocation of this magnitude in an IPO requires executive authorization — a contradiction left unresolved. Black stated he did not recall this transaction when asked almost a decade later. The Athene investment was another nexus: the BFP LP cash flow projection for December 2014 shows a $41.6 million Athene capital call as the single largest disbursement, dominating projections to the point where cash went negative by May 2015. Joslin communicated Athene investment details directly to Epstein, who asked both Wechsler and Kahn for specifics of "the athene investment on the books."
Brad Karp and Paul Weiss
Brad Karp, chairman of Paul Weiss, Rifkind, Wharton & Garrison LLP, occupied a unique position in the Black-Epstein relationship as the law firm chairman who personally interfaced with both men on Black's most sensitive financial and personal matters. The most revealing document is a March 3, 2016 email in which Karp asked Paul Weiss partner Bruce Birenboim: "I have been asked by Leon if we can have a $2m escrow fund established at the firm, from which payments would be made monthly pursuant to a contract with an individual. Leon would pay any and all costs and indemnify the firm against any claims." Birenboim declined, citing firm policy against acting as escrow agent outside standard real estate transactions. Karp forwarded this exchange to Epstein 8. The identity of the unnamed "individual" who would receive monthly payments from the escrow fund has not been established.
Karp was drawn further into the Epstein orbit through joint conference calls documented in DOJ records, which show participants including Epstein, Black-related parties, Karp, Brad Wechsler, and Patrick Fenn. A November 2016 three-way billing email between Karp, Epstein, and Black addressed who was paying whom for Paul Weiss, Akin Gump, Deloitte, and PwC services — indicating that Epstein's advisory fees and Paul Weiss's legal fees were intertwined in the same client management structure. When Epstein discovered the 8865 filing failure affecting all three Apollo founders, it was Karp he contacted at Paul Weiss. Epstein also invoked the David Petraeus scandal as a cautionary analogy when advising Black through Karp, comparing Black's use of an Apollo employee as intermediary to how the Petraeus-Broadwell dynamic destroyed careers 9. The Paul Weiss memorandum submitted on behalf of Black to Senator Ron Wyden, Chairman of the Senate Finance Committee, addressed the full scope of the Black-Epstein relationship. Paul Weiss partner Alan Halperin also served as outside counsel managing the APO1 GRAT structures.
Family Office and Entity Architecture
Black's financial life was organized through Elysium Management LLC, his family office at 445 Park Avenue, Suite 1401, New York. Key personnel included Brad Wechsler (CEO), Richard Joslin (CFO), Barry J. Cohen (President and Special Counsel), Ada Clapp (Chief Legal Officer), Melanie Spinella (Executive Assistant to Black at Apollo), Eileen Alexanderson (Black Family Partners LP), John Castrucci, and Larry Delson (attorney). Epstein was deeply embedded in this operation, receiving tax returns, financial reports, art valuations, trust documents, and password-protected files as a matter of routine. An internal entity list 10 documents the "Global Black family" architecture: LDB, AIF Management, BJAV Marine Ltd, Narrows Holdings I and II, ILIT #2, BFP LP, APO1 Agreement, LBF Holdings LLC, APO1 GRATs 1-7, Black Family 1997 Trust, Black Family 1997 GST Exempt Trust, SH Meadow Lane LLC, OFH LLC, LDB 2011 LLC, ASB 2011 Trust, BEB 2011, BV70 LLC, JMWT LLC, Pent Holdings Inc, and NY 70th Street LLC.
The GRAT cascade was the centerpiece of Black's estate planning architecture. The APO1 GRAT system used at least eight sequential Grantor Retained Annuity Trusts (GRATs 1 through 8) funded with Black Family Partners LP interests containing Apollo Operating Group units. BFP LP held 92,717,166 APO shares. Annuity payments were made quarterly, and in-kind BFP interests received as annuity payments were re-GRATed into new trusts. Empire Valuation Consultants LLC performed fair market value appraisals, applying discounts for lockup restrictions that decreased from 27% at outset. A June 2015 annuity had a fair market value of $98,780,916. The CLAT (Charitable Lead Annuity Trust) structure, diagrammed in EFTA02726259, shows a two-step estate plan: estate assets flowing to a CLAT producing an annuity stream to the Leon Black Family Foundation, with the remainder passing to Heritage Trust.
BV70 LLC, owned by Black, served as a vehicle for two significant transactions. In October 2015, BV70 transferred $10 million to Gratitude America Ltd, serving as the primary capitalization source for that entity's money market account. In March and April 2017, BV70 made two loans to Epstein's Plan D LLC totaling $30.5 million — $22.5 million on March 31 and $8 million on April 17 — described as connected to an "art transaction involving Epstein." Deutsche Bank AML Compliance flagged the $22.5 million wire, noting it could not find any information about BV70 LLC on the internet and asking: "What is the purpose? What is the relationship? What products/services does BV70 LLC provide?" 11. Black demanded full repayment in early 2018; Epstein repaid only $10 million. The remaining $20.5 million was unpaid at Epstein's death. The Yggdrasil Trust, another Black family trust, separately transferred $2,204,718.75 on April 29, 2015, to National Bank of Delaware County for an account labeled "Luxury Catalogs" with reference "Dante's Commedia" — an art acquisition routed through the trust architecture.
Philanthropic Flows and Gratitude America
Black operated two foundations at the same 445 Park Avenue address through Elysium Management: the Debra and Leon Black Family Foundation (EIN 13-3947890, established 1998, NTEE T20Z) and the Leon D. Black Foundation (EIN 20-5117734, established 2007, NTEE A33 arts). The Family Foundation was the primary grant-making vehicle, with revenue peaking at $12.1 million in 2014 and grants paid of $11.76 million the same year. Its 2014 recipients included $750,000 approved for the Clinton Foundation, $1.5 million for Birthright Israel Foundation, and $1 million for Harlem Village Academies. Additional grants from 2016 through 2019 included $500,000 to Clinton Foundation entities, $500,000 to Tony Blair Foundation entities, $2 million to Memorial Sloan-Kettering, and $1.5 million to Harvard College. The foundation's 2019 board included Apollo executives John Hannan (Director) and Barry Cohen (Director/Treasurer), both listed care of Apollo Global Management.
The largest documented philanthropic flow involves Gratitude America Ltd. The Dechert report confirmed Black donated $10 million to Gratitude America in October 2015, characterizing it as "a charitable organization affiliated with Epstein." Black "felt comfortable making this donation because he understood that Epstein was a strong proponent of scientific innovation." The donation flowed through BV70 LLC. A separate letter from Gratitude America to Black dated August 21, 2015, thanked him for a $5 million donation, but Dechert found no bank record confirming this additional payment. Gratitude America, controlled by Richard Kahn, subsequently donated $225,000 back to Black's own Melanoma Research Alliance — what appears to be a circular flow, in which $225,000 of Black's donation to an Epstein-controlled entity was subsequently granted back to a Black-affiliated charity. The Family Foundation's grant pattern collapsed post-scandal: revenue dropped from $3.82 million in 2019 to effectively zero by 2023 ($1 in revenue, $3,680 in expenses, $85,000 in assets), consistent with deliberate wind-down. The Leon D. Black Foundation continued operating at $650,000 to $1.6 million annually but showed zero grants paid across all eight annual filings from 2016 to 2024, functioning as a dormant or purely investment holding vehicle.
Epstein also directed Black's broader charitable giving. A December 23, 2014 charity commitment list 12, prepared by Richard Joslin and sent to Epstein, documents giving directed or advised by Epstein to recipients including the Dartmouth Visual Arts Center, Dartmouth President's House Renovation, North Shore LIJ, World Jewish Congress, and Rockefeller University. Black donated to the ASU Origins Project directed by Lawrence Krauss, with approximately $607,000 in unused funds remaining when the program was terminated following Krauss's removal. The Black Foundation gave $200,000 to the International Peace Institute in December 2014, during the period when IPI was receiving substantial Epstein support through Terje Rod-Larsen. The pattern reveals Epstein as an active intermediary in directing Black's philanthropic capital toward institutions within his own influence network.
Investigations and Legal Proceedings
Multiple investigations have examined the Black-Epstein relationship. The Manhattan District Attorney (DANY) investigated Black on trafficking allegations connected to Epstein, identifying at least three victims. One victim described being instructed by Epstein to massage Black at Epstein's New York residence, during which Black "began initiating sexual contact, at which point [she] ran out of the room. 13 complained to Epstein, who laughed" 2. Jeanne M. Christensen, partner at Wigdor LLP, represented victims in the DANY investigation and appears in 21 LMSBAND documents alongside Black — the highest co-occurrence after Epstein himself. DANY ultimately closed its investigation as to Black. The SDNY was also involved, with U.S. v. Black case documents in the record. The Senate Finance Committee, chaired by Senator Ron Wyden, investigated the Black-Epstein financial relationship and received a formal memorandum from Paul Weiss on Black's behalf 14.
Apollo's Conflicts Committee commissioned Dechert LLP to conduct an independent investigation after October 2020 news coverage exposed the scale of Black's payments to Epstein. The Dechert report, filed as Apollo 8-K exhibit EX-99.1 on January 25, 2021, established the $158 million total, the payment timeline, and the advisory scope, while concluding there was no evidence Epstein introduced Black to underage women. The report acknowledged the payments "far exceeded any amounts Black paid to his other professional advisors." Black's January 25, 2021 letter to Apollo limited partners (8-K EX-99.2) announced his retirement as CEO "on or before" his 70th birthday (July 2021), Marc Rowan as successor CEO, cancellation of Class C shares (co-founder extra voting rights), and a $200 million pledge toward initiatives "that seek to achieve gender equality and protect and empower women." Apollo engaged WilmerHale for a reputational risk review, hired its first global head of citizenship, first head of enterprise risk management, and established a reputational risk committee. Former SEC Chairman Jay Clayton was appointed Lead Independent Director in February 2021, then Non-Executive Chairman after Black stepped down.
Civil litigation continues. Doe v. Black (1:23-cv-06418, SDNY), a personal injury action filed July 25, 2023, was assigned to Judge Jessica G.L. Clarke and remains pending, with an appeal filed to the Second Circuit (25-564) on March 11, 2025. Separately, Black filed a RICO suit against Guzel Ganieva (Black v. Ganieva, 1:21-cv-08824, SDNY), who had publicly accused him of sexual assault; Black alleged extortion. That case also reached the Second Circuit.
Political Activity and Network Position
Leon Black is one of the largest political donors in the Epstein network, with over 1,185 FEC contributions. Major donations include $100,000 to Right to Rise USA (Jeb Bush, 2015), $100,000 to With Honor Fund (2017), $100,000 to Fighting for Ohio Fund (2016), $100,000 to Senate Majority PAC (2016), and $100,000 to Congressional Leadership Fund (2015). Black is a bipartisan mega-donor who gives to both parties at scale, with recent recipients including Tim Scott, Chuck Schumer, Tom Cotton, Cory Booker, Susan Collins, David Perdue, Kelly Loeffler, and Thom Tillis. His political giving operates independently of the Epstein bundling patterns observed in smaller donors, but FEC analysis reveals coordinated same-date donations with fellow Apollo co-founders Marc Rowan and Joshua Harris to 15 or more shared recipients including McConnell, Cotton, and Graham — consistent with private equity industry coordination through the American Investment Council.
Epstein functioned as a meeting broker and social gatekeeper for Black, arranging meetings with high-profile contacts. Documents show Epstein scheduling a meeting between Black and "Sergey" (EFTA00334966, November 2015) and listing Black alongside Peter Thiel, Lawrence Summers, Bill Burns, Gordon Brown, Thorbjorn Jagland, and the president of Mongolia in an email to Kathryn Ruemmler about a September 2014 gathering 15. David Stern reported to Epstein from the Future Investment Initiative in Riyadh in October 2017: "lot of your friends there Leon Black Tom Barrack Sultan" — placing Black in the Gulf investment circuit alongside other Epstein associates. Glenn Dubin forwarded a Bloomberg article about Black's tax reform dilemma to Epstein in December 2017, demonstrating Dubin-Epstein-Black triangular intelligence sharing about Wall Street developments. Nicholas Ribis served as Epstein's primary intelligence source on Caesars and Apollo, tracking a Davis Report that criticized Black and reporting Apollo losses — a reporting pattern that coincided with Ribis receiving financial support from Epstein on the Cal Neva casino deal.
A.B. Krongard, former CIA Executive Director (2001-2004), serves as Independent Director at Apollo Global Management, placing an intelligence community veteran on the board of Black's firm. Separately, Vincenzo Iozzo asked Epstein to facilitate a test of the IperLane surveillance product with Apollo in September 2015: "speaking of Leon Black, it'd be awesome if at some point in the next few months we could do a test run with Apollo once we also have the iOS version ready. I know they currently use one of our competitors" 16. This email suggests Epstein served as a potential intermediary between surveillance technology vendors and Apollo.
Post-Epstein Transition and Share Liquidation
The disclosure of the $158 million payment triggered the first leadership transition at the top of Apollo Global Management. Black's January 2021 letter to limited partners explicitly linked his CEO retirement to the Epstein relationship: "Having reflected at great length on my professional relationship with Mr. Epstein, a relationship that I profoundly regret." The governance overhaul included Marc Rowan as successor CEO (unanimously chosen by the Executive Committee and Board), cancellation of Class C shares that had given co-founders extra voting rights, a move to single-class stock, and engagement of WilmerHale for reputational risk review. Jay Clayton, former SEC Chairman, was brought in as Lead Independent Director and subsequently Non-Executive Chairman. The timing of these governance reforms — coinciding with the Epstein disclosure — suggests the scandal accelerated Apollo's transition from a founder-controlled firm to a professionally managed one, though broader PE industry trends and succession planning may also have been factors.
SEC Form 4 filings (CIK 1032666) document Black's orderly exit from his Apollo position. As of the Apollo-Athene merger completion in January 2022, Black held 67,776,766 common shares as a 10%+ owner. Subsequent dispositions include: May 2022, 15 million shares (conversion/adjustment from merger); February 2024, 2 million shares sold at approximately $111 per share ($222 million); December 2024, 500,000 shares sold at approximately $173 ($87 million); March 2025, 500,000 sold at approximately $142 ($71 million); April 2025, 607,000 sold at approximately $111 ($68 million); September 2025, 915,000 sold at approximately $134 ($123 million). Additional shares were disposed through gifts: 750,000 in January 2023, 1.04 million in November 2022, 1 million in June 2024, and multiple gifts in July and October 2025. As of the latest filing, Black holds approximately 4.5 to 7 million shares through direct ownership plus additional through entities. The steady liquidation pattern from late 2023 onward represents billions in total value reduction, consistent with a controlled exit from the firm he co-founded thirty-one years earlier.
All Connections
45 total
All Connections
45 total$158M consulting fees 2012-2017 via Rothschild trust structures. Epstein VP/Secretary of Black Foundation 2010-2012. Art advisory, estate/tax planning, charitable giving advisory. Meetings multiple times monthly 2010-2019.
Kahn managed Gratitude America (EIN 66-0789697) which received $10M from Black in 2015. Kahn also worked on Black family financial matters as referenced in Origins Project unused funds email.
Indyke handled legal matters for both Epstein and Black. Conference call details (EFTA02340224) show joint calls between Epstein, Black-related parties, Brad Karp, Brad Wechsler, and Patrick Fenn.
Wechsler is CEO of Elysium Management LLC (Black's family office). Worked closely with Epstein on Black family financial matters including trust structures, Phaidon Global, art investments, tax returns. Multiple documents show three-way communication between Epstein, Wechsler, and Joslin.
Joslin served as CFO of Elysium Management LLC (Black's family office). Prepared charity commitment lists, financial reports, trust accounting summaries, art valuations, and tax returns — all routinely sent to Epstein. Key intermediary for Black-Epstein financial relationship.
Christensen is partner at Wigdor LLP representing victims in DANY investigation of Leon Black regarding trafficking allegations connected to Epstein. Appears in 21 LMSBAND files alongside Black — the highest co-occurrence after Epstein himself.
Black donated $10,003,000 to GA in Oct 2015 via BV70 LLC. Possible additional $5M. Part of larger $35M payment day. GA then donated $225K back to Black's Melanoma Research Alliance charity.
Leon Black pledged $10.5M to Enhanced Education in Dec 2014, structured through his automotive LLC to 'avoid public disclosure of Leon name.' $4.75M specifically directed to J Epstein Virgin Islands Foundation Inc in Oct 2015.
BV70 LLC is controlled by Leon Black. Also: BJAV Marine Ltd, JMWT LLC, Narrows Holdings LLC, Narrows Holdings II LLC, Pent Holdings Inc.
Apollo Global co-founders [public knowledge]
Apollo Global co-founders [public knowledge]
Black Family Foundation granted $750,000 to Clinton Foundation (approved for future payment in 2014 990-PF)
Black Family Foundation granted $250,000 to Tony Blair Foundation in 2019 990-PF
Black Family Foundation approved $1,500,000 grant to Birthright Israel Foundation for future payment in 2014 990-PF
Ribis was Epstein's primary Caesars/Apollo intelligence source: met with Mark Rowan, tracked Davis Report criticizing Leon, reported Apollo losses. Separate from the financial relationship where Epstein loaned Ribis money for Cal Neva casino deal. Two-directional: Ribis gave gaming intel, Epstein provided financial support.
Pesner on 8865 advisory team for all three Apollo founders including Black. Epstein discussed Pesner with Black's office (via Spinella) multiple times. Epstein found Pesner 'difficult to finesse' and overrode his advice. EFTA02348561 shows Black CC'd on Pesner's 8865 data review timeline.
Coordinated political donations: identical amounts to 15+ shared recipients on same dates
Coordinated political donations: 15+ shared recipients including McConnell, Cotton, Graham
Same-date political donations to McConnell (2019-05-01) and shared Gottheimer donations — PE industry coordinated giving via AIC
Same-date political donations to Graham (2019-07-29) and Cornyn (2019-09-04) — PE/media industry coordinated giving
Same-date political donations to Cornyn (2019-09-04, only 6 donors total) — hedge fund/PE coordinated giving
Clayton became Apollo Lead Independent Director Feb 2021 then Non-Executive Chairman after Black stepped down Mar 2021. Board position created as governance overhaul after Dechert report exposed Black 158M+ payments to Epstein.
Both served on Apollo Global Management board of directors during period of Black-Epstein payments
David Stern brokered Leon Black meeting with ADGM Chairman Al Sayegh through Epstein network Oct 2017
Co-occurrence in 12 LMSBAND documents. Both in Epstein's social circle. Epstein listed both together in gatherings to Ruemmler (Sep 2014). Both received financial benefits through Epstein-connected entities.
Dubin forwarded Bloomberg article about Black's tax reform dilemma to Epstein (Dec 2017). Intelligence sharing about fellow billionaires through Epstein as intermediary.
Black and Black Foundation donated substantially to ASU Origins Project directed by Krauss. ~$607K unused when program terminated. Epstein also donated separately. Direct personal correspondence between Black and Krauss (Dec 2014 letter).
Ito confirmed to Epstein that MIT kept 'Leon Black money' but had to return $25K from Epstein's foundation to ASU. Both Black and Epstein were donors to scientific initiatives that Ito managed.
Black Family Foundation (EIN 13-3947890) paid .76M in grants in 2014 tax year. Gratitude America (EIN 66-0789697) received .003M in contributions in 2015 tax year. Timing alignment and amount correspondence strongly suggests Black Foundation was the source of Gratitude America's sole major contribution.
Both donated K to Right to Rise USA (Jeb Bush) in 2015 -- the only shared mega-recipient among Epstein's major financial associates
Former Pelosi CoS joined Apollo lobbying 2019 [Wave 6 LDA]
Iozzo asked Epstein to facilitate test of IperLane surveillance product with Apollo Global Management (Sep 2015): 'speaking of Leon Black, it'd be awesome if at some point in the next few months we could do a test run with Apollo once we also have the iOS version ready. I know they currently use one of our competitors.' Epstein as intermediary between his hacker and his largest financial client.
Leon Black funded Gratitude America with $10M. Gratitude America transferred $650K to the Kuhn Foundation. Thus Black's money ultimately funded Kuhn's Closer to Truth production. Indirect financial chain: Black -> Gratitude America -> Kuhn Foundation.
Both appeared at FII Riyadh Oct 2017. David Stern to Epstein: lot of your friends there Leon Black Tom Barrack Sultan. Both in Epsteins orbits as major PE investors with Gulf connections.
Krongard (former CIA ExDir 2001-2004) serves as Independent Director at Apollo Global Management — intelligence community connection to Apollo board
Both shared FEC donation recipients (Ed Markey, Josh Gottheimer, Jeanne Shaheen per LittleSis). Both reference Apollo in findings. Both reference Harvard institutional network.
Both appeared at FII Riyadh Oct 2017 (investigation.db). Both in Epstein black book (LittleSis). Both reference Gulf/Saudi connections. Barrack Colony Capital, Black Apollo — parallel PE/real estate empires with Gulf capital.
Epstein explicitly invoked the Petraeus scandal as a cautionary analogy when advising Leon Black through Brad Karp: comparing Black's use of an Apollo employee as intermediary to how Petraeus/Broadwell dynamic destroyed careers. Both are examples of Epstein analyzing kompromat risk for powerful clients.
Both on Epstein Dec 16 2016 calendar. Edelman had TBD meeting while Black had 10am appointment. Separate entries but same day same scheduler Lesley Groff.
All Findings
60 total
All Findings
60 totalfinancial (43)
Initial Kahn-Wechsler negotiation specified $15M STC + $4.75M J Epstein VI Foundation = $19.75M total. But Leon told Wechsler 'full 19.75mm shld go to a charitable fndn.' Revised to 10+10 split: $10M to Southern Trust and $10M to J Epstein VI Foundation. Wechsler then questioned 501(c)(3) status of J Epstein VI Foundation - could not find it on federal register. Foundation had not filed 990s publicly since 2008.
Leon D. Black Foundation (EIN 20-5117734), separate from Family Foundation, also at 445 Park Ave c/o Elysium Mgmt LLC. This entity maintained steady K-.6M annual revenue from 2011-2023, almost entirely from gifts. Unlike the Family Foundation, this one continues active operations. 2021 showed spike to .6M. This is likely Black's personal arts/culture foundation (NTEE A33). The existence of TWO Black foundations at the same Elysium address creates layered grant-making capacity.
Dechert report confirms Financial Trust Company (FTC, Epstein entity) purchased 263,257 shares of Apollo Global Management stock during its March 2011 IPO via a 'directed share offering program managed by the lead broker-dealer.' These shares were later transferred to Southern Financial LLC (another Epstein entity) in 2013 and held through at least September 2019. Black did not recall this transaction when asked almost a decade later. Additionally, FTC invested in AP SHL Investors LLC (Jan 2002, 910K) and AP Technology Partners LLC (FY2000, 1.31M) -- both entities 'formed by certain Apollo executives to explore investment opportunities that Apollo chose not to pursue.' The directed share offering is significant because IPO allocations of this size require executive authorization -- yet Dechert concluded 'Apollo never did any business with Epstein.' The 263,257 shares at Apollo's IPO price of ~/share represent approximately a 5M investment.
M paid by Leon Black to Jeffrey Epstein between 2012-2017 for consulting/advisory services. Confirmed by Deveraux report commissioned by Apollo Conflicts Committee. Payments routed through Black Family Partners LP and Rothschild Trust structures.
BRH Holdings GP Ltd is a Cayman Islands exempted company owned and controlled by all three Apollo managing partners (Black, Harris, Rowan). It holds the single Class B share of Apollo Global Management LLC, which controls all voting power (79.7% post-IPO) but represents NO economic interest. BRH Holdings LP is the underlying partnership through which the founders hold their Apollo economic interests. The founders are required to file IRS Form 8865 (Return of U.S. Persons With Respect to Certain Foreign Partnerships) for BRH Holdings LP and related foreign partnerships annually. Deloitte was the auditor. The 8865 filing failure went back to at least 2007 for Harris and Rowan, and was inaccurately filed for Black from 2013-2015.
Dechert investigation confirmed the 2006 GRAT had a structural defect risking approximately $500 million in estate tax assessment. Epstein identified and solved this problem, which 'was the most valuable piece of work Epstein provided Black.' The original GRAT was established by Black's former trusts and estates attorney who had been recommended by Epstein. Both a former Family Office employee and outside counsel agreed the estate tax exposure was approximately $500 million. This was the basis for Epstein's $23.5M initial service fee (first payment $15M on Feb 15 2013, second payment $8.5M on Oct 15 2013, both to Southern Trust Company Inc).
Black Family Partners LP is the main investment vehicle for Leon Black's family wealth. As of 6/30/2013: BFP managed approx $1.95B in assets. Structure includes: Black 2006 Family Trust (71.5% interest), 1997 Black Family Trust (9.2%), Judah 2009 Trust (4.7%), LDB 2011 LLC (7.2%), Leon and Debra Black personal (7.4%). Trust income 2007-2012 from Apollo Credit Opportunity Fund: $161.7M; from BFP distributions: $195.4M. BFP extended lines of credit to Phaidon Global LLC (Black's publishing company). Epstein received detailed financial reports on all BFP activities.
Phaidon Global LLC is a publishing/media company owned by Black through his trust structures. Black Family Partners LP provided lines of credit to Phaidon Global (at least $10M line of credit established Aug 2013). Epstein was deeply involved in Phaidon's business strategy, receiving financial reports, valuations (GBP 11.2M valuation 2015), tax returns, and participating in strategic discussions about branding (expanding Phaidon name to art investments, film, insurance, media, publishing, internet). Richard Joslin (Elysium CFO) managed day-to-day. Structure: BFP lends to Phaidon Global LLC, which transmits to Phaidon Press Ltd (UK), Regan Arts LLC, and Lit Kit LLC.
The 8.5M payment (Oct 15, 2013) from Black to Southern Trust Company was the second installment under the first signed service agreement between Black and STC (dated Feb 13, 2013). Per the Dechert report: 'Although Epstein represented to Black that he generally charged clients 40 million per year for his advice, Epstein agreed to provide this initial work for 23.5 million, which was expected to be made in two installment payments occurring in 2013. Both of these payments were made to Southern Trust Company, Inc.: the first payment of 15 million was made on February 15, 2013, and the second payment of 8.5 million was made on October 15, 2013.' The 23.5M was specifically for Epstein's work on the 2006 GRAT (Grantor Retained Annuity Trust) issue. DS10 Deutsche Bank records show a M incoming transaction to STC on Oct 17, 2013 (two days after the .5M payment date) and a K STC transaction on Oct 2, 2013. The 8.5M itself likely went through JPMorgan (the primary banking relationship), not Deutsche Bank, explaining why it does not appear at full value in DS10.
Dechert investigation Exhibit A documents 21 Leon Black/Rothschild Group transactions from 10/15/2013 to 10/2/2018 totaling approximately 202M. Payments flowed through multiple Black entities (Leon/Debra personally, Black Family Partners LP, Narrows Holdings LLC, BV70 LLC) to Southern Trust Company Inc, with smaller amounts to Gratitude America Ltd and Plan D LLC. Key transactions: 10/2013 8.5M+10M; 4/2014 5M+5M; 4/2014 15M+20M (largest single batch); 10/2014 7M+13M; 10/2015 5M+5M+10M; 12/2015 10M+15M+10M; 3/2017 22.5M (BV70-to-Plan D, flagged by DB). The 10/2/2018 final transaction of 10M was from Plan D LLC to BV70 LLC (partial loan repayment). All transactions have DB-SDNY Bates numbers for full provenance chain.
Leon Black / Rothschild Group transactions documented in EFTA00027019 showing massive transfers: $40M, $50M, $5M (Black Family Partners), $10M, $25M, $45M, $58M, $65M from Leon Black through Rothschild trust structures. Transaction dates include Oct-Dec 2013 through 2015. These appear to be the consulting fee payments totaling $158M+.
Debra and Leon Black Family Foundation (EIN 13-3947890) at 445 Park Ave, c/o Elysium. Revenue pattern shows massive spike in 2014 (.1M received, .08M in gifts, .76M in grants paid) - this is the year M to Gratitude America was likely routed. 2015: .6M revenue, .1M expenses. 2019: .82M revenue, all from gifts (.815M), .81M in grants paid - last significant year. Post-2020: assets collapsed to under K, revenue near zero. The foundation was essentially a pass-through vehicle for Black donations.
Leon Black operated TWO foundations at the same 445 Park Ave address c/o Elysium: (1) Debra and Leon Black Family Foundation (EIN 13-3947890) - large pass-through grants vehicle, and (2) Leon D. Black Foundation (EIN 20-5117734) - smaller arts/culture foundation. Combined grant-making: Family Foundation paid .76M in 2014, .93M in 2015, .81M in 2019, then essentially ceased. Leon D. Black Foundation continued at K-.6M/yr through 2023. The Family Foundation was the vehicle for the M Gratitude America transfer and is now nearly depleted (K assets). The personal foundation continues. This dual structure provided layered opacity for different scales of giving.
Black Family Foundation 2014 990-PF approved $750,000 grant to Clinton Foundation and $1,500,000 to Birthright Israel Foundation for future payment. Same year foundation received $12.08M in contributions and realized $9.05M capital gains from donated securities (Ladenburg Thalman, Vector Group, Symantec, Altria, Coca-Cola, IBM, Disney, Exxon Mobil). Total grants paid: $11,760,354.
Southeast Asian Art inventory for Leon Black / Narrows as of April 30, 2014 (EFTA01919638). Document lists multiple bronze sculptures with stock numbers (E0598, E0853, EX320, etc.) with USD fair market values and costs. Art advisory was a key component of Epstein's consulting relationship with Black — Epstein recommended art consultants (e.g., George Goldner from the Met per EFTA02378751) and managed art partnership investments (Art Pshp per EFTA02509248).
Leon Black Foundation (Debra and Leon Black Family Foundation, EIN 13-3947890) donated $200K to IPI in December 2014. The foundation is managed through Elysium Management LLC at 445 Park Ave, Suite 1401, NYC. In 2014 the foundation had Revenue $12,142,003 and Expenses $11,760,858.
Origins Project at ASU (Lawrence Krauss, Director) received substantial donations from both Leon Black personally and the Leon Black Family Foundation. As of early 2019, approximately $607K in unused funds remained from Black/Foundation donations. Krauss was removed as director and program terminated. Black wrote formal letter (Dec 2014) about the Origins Project. Epstein was independently a donor (separate from Black). Joi Ito confirmed MIT was able to keep Leon Black money but had to bounce $25K from Epstein's foundation back to ASU.
Leon Black charities commitment list prepared Dec 23, 2014 (EFTA02371754) documents charitable giving directed/advised by Epstein. Recipients include: Dartmouth Visual Arts Center, Dartmouth President's House Renovation, North Shore LIJ, World Jewish Congress, Rockefeller University. This list was prepared by Rich Joslin (Elysium CFO) and sent to Epstein, confirming Epstein's advisory role in Black's philanthropy.
ATHENE $41.6M CAPITAL CALL -- BLACK FAMILY PARTNERS CASH FLOW CRISIS: EFTA02371750 (BFP LP cash flow projection, Dec 23 2014, prepared by Richard Joslin) shows the Athene capital call of $41,600,000 as the single largest disbursement. Joslin separately emailed Epstein (EFTA02388715, Nov 24 2014): 'All the asset raising in BFP LP can be distributed -- the Athene $40MM payment looks to be a 2016 event.' This reveals: (1) The Athene investment was held through BFP LP (Black Family Partners LP), not through BRH Holdings directly. (2) The capital call was so massive it dominated cash flow projections, with projected cash going negative by May 2015 at -$1.9M. (3) Joslin was communicating Athene investment details directly to Epstein, who asked 'which entity is the athene investment in?' (EFTA02361533, Apr 10, 2015). (4) Epstein separately asked Richard Kahn: 'can you give me the details of the athene investment on the books' (EFTA02453418, Sep 1, 2016). The Athene investment was central to Epstein's proposed 25% fee (Jan 2016): 'if there is a 300 overall benefit, then each founder would pay 25m.' The $41.6M BFP Athene commitment explains why Black was willing to pay Epstein millions for tax optimization of the Athene merger.
Leon Black donated $10M to Gratitude America (EIN 66-0789697) in 2015. Gratitude America controlled by Epstein associates (Richard Kahn). 2015 filing shows Revenue $4,598,706 and Expenses $5,119,699. This was an Epstein-controlled conduit for charitable disbursements.
Show 23 more financial findings
Leon Black is one of the largest political donors in the Epstein network with 1,185+ FEC contributions. Major donations include: K Right to Rise USA/Jeb Bush (2015), K With Honor Fund (2017), K Fighting for Ohio Fund (2016), K Senate Majority PAC (2016), K NYC Host Committee 2004, K Congressional Leadership Fund (2015). Black is a bipartisan mega-donor who gives to both parties at scale. Recent recipients include Tim Scott, Schumer, Tom Cotton, Cory Booker, Susan Collins, David Perdue, Kelly Loeffler, Thom Tillis. His political giving vastly outscales all other Epstein associates combined and operates independently of the Epstein bundling patterns.
Yggdrasil Trust (a Black family trust) transferred $2,204,718.75 on April 29, 2015 to National Bank of Delaware County for account 'Luxury Catalogs' with reference 'Dante's Commedia'. Wire initiated by Joann Perrone and related to Leon Black/Mayra Johnson. This appears to be an art acquisition routed through trust structures with Epstein's knowledge.
APO1 GRAT cascading structure used at least 8 sequential Grantor Retained Annuity Trusts (GRATs 1-8) funded with Black Family Partners LP interests containing Apollo Operating Group units. BFP LP held 92,717,166 APO shares. Annuity payments were quarterly (Jan/Mar/Apr/Jun/Jul/Sep/Oct/Dec — not Feb/May/Aug/Nov). In-kind BFP interests received as annuity payments were re-GRATed into new trusts. Empire Valuation Consultants LLC performed fair market value appraisals, discounting APO stock for lockup restrictions (discount decreased from 27% at outset). June 2015 annuity had FMV of $98,780,916. Structure managed by Richard Joslin (Elysium/Empire), Ada Clapp, Brad Wechsler, with Paul Weiss (Alan Halperin) as outside counsel.
APO1 GRAT -- EPSTEIN MANAGED BLACK'S MOST VALUABLE ESTATE VEHICLE: DOJ corpus reveals 'APO1' was the name of the critical Grantor Retained Annuity Trust (GRAT) that Dechert identified as Epstein's most valuable advisory work -- solving a potential $500M-$1B+ estate tax liability. Key documents: (1) EFTA02716718 (Jul 23, 2015): Ada Clapp (Chief Legal Officer, Elysium) sent Epstein an 'Administrative Services Agreement between Elysium and APO1 Trust-v17' plus 'Summary of APO1 ASA with Elysium.' This agreement formalized the mechanism whereby 'family trusts and entities can begin to cover' costs -- indicating APO1 Trust was paying Elysium for management services. (2) EFTA02703091: Clapp provided Epstein the full APO1 GRAT package: GRAT Agreement, initial funding assignment, annuity payment chart, email about 'the GRAT's failure and the final annuity,' and Empire Valuation invoices. (3) EFTA02705357 (Apr 8, 2016): Joslin sent Epstein the APO1 Agreement's FY2015 grantor trust tax return with password protection. The 'APO' prefix strongly suggests the trust held Apollo equity -- meaning the GRAT that Epstein solved involved transferring Apollo shares/interests tax-efficiently to Black's heirs. The password-protected tax returns sent directly to Epstein demonstrate his complete access to Black's most sensitive estate planning documents.
Oct 2015 Black-Epstein payment of $19.75M split: $15M to Southern Trust Company (Deutsche Bank acct 44129244) via Black Family Partners-0135, and $4.75M to J Epstein VI Foundation via automotive LLC to avoid public disclosure of Leon's name. Richard Kahn directed Brad Wechsler (Black's office) on routing. Automotive LLC was single-member LLC owned by Black for automobile purchases, used as pass-through to make the $4.75M appear as charitable donation on Black's 2015 Form 1040. Entity lacked cash so required loan from Leon Black-0945 or LDB 2014 LLC-8991. Wire to Pershing LLC (Bank of NY) acct 890-51238-4, then to J Epstein VI Foundation acct N4G024950.
EPSTEIN COMPREHENSIVE SCOPE OF APOLLO/BLACK ADVISORY -- HOUSE OVERSIGHT DOCS: HOUSE_OVERSIGHT_023291 (Oct 27, 2015, Epstein email to Spinella/Wechsler) reveals Epstein's 25-item detailed work program covering the full scope of Black family/Apollo matters: '1 phaidon 2 new trustee 3 art partnership 4 grats 5 art space 6 regan arts 7 plane restructure refinance 8 boat restructure 9 estate plan refresh 10 TRA review sale 11 BRH doc review 12 sale of stock/art 13 gifts of art 14 charity pledges 15 cash flow 16 new IT/personnel 17 operational redo 18 debra/children involvement 19 tax plan disclosures gaming foreign apollo and phaidon related 20 investments rationalize 21 bank loans consolidate 22 consolidate/reduce entities 23 outside consultants 24 review legal bills 25 Bens house alex films.' Separately, HOUSE_OVERSIGHT_023222 (May 28, 2015) lists Epstein's scope as: 'investment, PE, real estate, publishing, grats, tra, brh (death), foundation, museum, tax projections cash flow projections, coordination with tax from apollo.' The '(death)' reference to BRH indicates Epstein was specifically modeling consequences of a founder's death on the BRH partnership structure -- the most sensitive possible corporate succession scenario.
EPSTEIN MANAGED APOLLO/BLACK MULTI-PARTY ADVISORY ECOSYSTEM: HOUSE_OVERSIGHT_023355 reveals the full scope of professional advisors Epstein was coordinating across the Black/Apollo financial architecture: Paul Weiss (estate/tax), McDermott Will & Emery, Macfarlanes (UK law), PricewaterhouseCoopers, Reich (accounting), Withers Bergman (international private client), Empire Valuation Consultants, Akin Gump, BDO Seidman, 'Wendy' (likely Wendy Brandes, trusts attorney referenced in TRA/BRH work at EFTA02456210), and 'Apollo in house' -- confirming Epstein had direct coordination with Apollo's internal tax/legal function. This advisory ecosystem involved 'many outside counsel with little or no coordination' until Epstein imposed structure. The list also includes: 'lumber, knowledge universe, environmental solutions 12 million in stock' -- revealing ESWW was a $12M stock position managed alongside Apollo-related entities. Epstein was the single coordination point for this entire advisory network, which explains the $158M fee and the difficulty of replacing him.
Leon D. Black Foundation (EIN 205117734) shows zero grants, zero contributions paid across all 8 annual filings (2016-2024) per IRS 990-PF. TotalGrantOrContriPdDurYrAmt=0 every year. Appears to be a dormant or purely investment holding vehicle, not an active grantmaking foundation. All active grantmaking goes through Debra and Leon Black Family Foundation (EIN 133947890).
Brad Karp emailed Paul Weiss partner Bruce Birenboim on Mar 3, 2016 asking: 'I have been asked by Leon if we can have a $2m escrow fund established at the firm, from which payments would be made monthly pursuant to a contract with an individual. Leon would pay any and all costs and indemnify the firm against any claims.' Birenboim responded: 'Our policy is not to act as escrow agent, except in standard personal real estate transactions.' Karp forwarded this exchange to Epstein. This reveals Leon Black sought to route monthly payments to an unnamed individual through Paul Weiss as escrow agent, and Epstein was informed of the arrangement.
BV70 LLC was an entity owned by Leon Black used to make two loans to Epstein's Plan D LLC: $22.5M on 3/31/2017 and $8M on 4/17/2017, totaling $30.5M. Deutsche Bank AML Compliance flagged the $22.5M wire and could not find any information about BV70 LLC on the internet. DB asked: What is the purpose? What is the relationship? What products/services does BV70 LLC provide? Kahn/HBRK managed the account. Loans were described as connected to an 'art transaction involving Epstein.' Black demanded full repayment in early 2018; Epstein repaid only $10M. The remaining $20.5M was unpaid at Epstein's death. BV70 LLC also transferred $10M to Gratitude America's MMDA on 10/14/2015, which was the primary capitalization source for that account.
Black Family Foundation 2019 990-PF granted $250,000 to Tony Blair Foundation, $2,000,000 to Memorial Sloan-Kettering Cancer Center, $1,500,000 to Harvard College, $50,000 to Washington Park Foundation, and $10,000 to Nature Conservancy. Total grants: $3,810,000. Foundation renamed to 'Debra and Leon Black Family Foundation Inc f/k/a Leon Black Family Foundation Inc.' Approved $11,817,142 for future payment.
Black Family Partners LP is the central family holding partnership. Per EFTA01919502, the 'Global Black family' entity list includes: LDB, AIF Management, BJAV Marine Ltd, Narrows Holdings (I and II), ILIT #2, BFP LP, APO1 Agreement, LBF Holdings LLC, APO1 GRATs 1-7, Black Family 1997 Trust, Black Family 1997 GST Exempt Trust, SH Meadow Lane LLC, OFH LLC, LDB 2011 LLC, ASB 2011 Trust, BEB 2011, BV70 LLC, JMWT LLC, Pent Holdings Inc, NY 70th Street LLC. The partnership had 8 partners: Leon Black personally plus 7 grantor trusts. BFP LP operated with credit facilities (notably to Phaidon Global LLC, Black's UK publishing company). Per EFTA01919645, BFP held 92,717,166 APO shares with cash flow percentages allocated across the trusts and GRATs.
Per the Dechert report filed as Apollo 8-K EX-99.1 (ADSH 0001193125-21-016405, Jan 25, 2021), the complete Black-Epstein payment schedule was: (1) Feb 15, 2013: 15M to Southern Trust Company (first installment under signed service agreement for GRAT work). (2) Oct 15, 2013: 8.5M to STC (second installment, same agreement). (3) 2013 additional: 26.5M (two installments under unsigned second agreement). Total 2013: 50M. (4) 2014: 70M (ad hoc, including 20M attributed to step-up basis transaction). (5) 2015: 30M. (6) 2016: 0M (fee dispute). (7) Apr 2017: 8M (final payment for tax advisory/compliance). GRAND TOTAL: 158M. Separately, Black loaned Epstein 30.5M in early 2017 (BV70 LLC to Plan D LLC): 22.5M + 8M. Epstein repaid only 10M in early 2018; 20.5M remained outstanding at death. The Dechert report also confirmed Black was under the 'misconception' that payments were tax-deductible (sixty cent dollars) based on what Epstein told him.
DECHERT REPORT PAYMENT TIMELINE CONFIRMED (SEC 8-K EX-99.1, Jan 25 2021): The Dechert LLP independent investigation, filed as Apollo 8-K exhibit, confirms Black paid Epstein $158M total (2013-2017) via Southern Trust Company Inc: (1) Feb 15, 2013: $15M first installment per signed service agreement. (2) Oct 15, 2013: $8.5M second installment. (3) 2013: additional $26.5M under second (unsigned) agreement, total 2013 = $50M. (4) 2014: $70M paid ad hoc (includes $20M for step-up basis transaction). (5) 2015: $30M. (6) 2016: $0 (fee dispute). (7) Apr 2017: final $8M for tax advisory/compliance. Separately, $30.5M in loans (BV70 LLC to Plan D LLC): $22.5M + $8M in early 2017, only $10M repaid in 2018. $20.5M still outstanding at death. Black believed payments were tax deductible per Epstein's advice -- they were not. Dechert acknowledged 'compensation paid by Black to Epstein far exceeded any amounts Black paid to his other professional advisors.'
LEON BLACK LEADERSHIP TRANSITION DIRECTLY CAUSED BY EPSTEIN (SEC 8-K EX-99.2): Black's Jan 25, 2021 letter to Apollo LPs (filed as 8-K EX-99.2) explicitly links his CEO retirement to the Epstein investigation: 'Having reflected at great length on my professional relationship with Mr. Epstein, a relationship that I profoundly regret...I have also decided that one way I can begin to address the grievous error of having maintained a professional relationship with Mr. Epstein is to pledge $200 million towards initiatives that seek to achieve gender equality and protect and empower women.' Black announced: (1) retirement as CEO 'on or before' his 70th birthday (July 2021), (2) Marc Rowan unanimously chosen as successor CEO by Executive Committee and Board, (3) proposal to cancel Class C shares (co-founder extra voting rights) and move to single-class stock, (4) WilmerHale engaged for reputational risk review. Josh Harris described as continuing 'to focus on expanding our global search for investor returns' and working 'alongside Marc.' Black also disclosed: Apollo engaged WilmerHale for reputational risk review, hired first global head of citizenship, first head of enterprise risk management, established reputational risk committee, created corporate communications department. The Epstein scandal thus catalyzed Apollo's institutional transformation from a founder-controlled firm to a professionally managed one.
Dechert LLP investigation report (Apollo 8-K, 2021-01-25) confirms Leon Black donated $10 million to Gratitude America in October 2015 -- described as 'a charitable organization affiliated with Epstein.' Black 'felt comfortable making this donation because he understood that Epstein was a strong proponent of scientific innovation.' Separately, a letter from Gratitude America to Black dated August 21, 2015 thanked him for a $5 million donation (confirmed by email from Epstein to Black), but Dechert found no bank record or Family Office document confirming this $5M payment. This suggests Black donated $10M-$15M to Gratitude America in 2015 alone. Gratitude America 2015 990-PF shows $10,007,332 revenue. Dechert also noted Black made donations at Epstein's request to MIT, Harvard, Arizona State Origins Project, and Peace Initiative Foundation.
BLACK INSIDER TRANSACTIONS POST-EPSTEIN (SEC Form 4 CIK 1032666): Leon Black's SEC insider filings show a pattern of massive share dispositions post-Epstein crisis: As of Jan 2022 (Apollo-Athene merger completion), Black held 67,776,766 common shares as 10%+ owner (down from 202M shared through BRH). Subsequent dispositions: May 2022: 15M shares disposed (transaction type J = conversion/adjustment from merger). Jan 2023: 750K shares gifted. Nov 2022: 1.04M gifted. Dec 2023: 6M disposed (J type). Feb 2024: 2M shares sold at ~$111/share (~$222M). Mar 2024: 450K sold at ~$111. Jun 2024: 1M gifted. Dec 2024: 500K shares sold at ~$173 (~$87M). Mar 2025: 500K sold at ~$142 (~$71M). Apr 2025: 607K sold at ~$111 (~$68M). Jul 2025: 501K gifted, 59K gifted. Sep 2025: 915K sold at ~$134 (~$123M). Oct 2025: 119.8K gifted. As of latest filing, Black holds approximately 4.5-7M shares through direct ownership plus additional through entities. The steady liquidation pattern from late 2023 onward represents billions in total value reduction, consistent with an orderly exit from the firm he co-founded.
SEC EDGAR CIK 1032666 shows Leon Black as insider with 85+ Form 4 filings (ownership changes). Mailing address: c/o Elysium Management LLC, 445 Park Avenue, Suite 1401, New York, NY 10022. Filing types: 76 Form 4s, 17 SC 13D/A, 9 Form 144s, 5 Form 3s, 3 Schedule 13D/A. Active insider trading continues through October 2025. Multiple Form 144 (intention to sell) filings in Dec 2024 suggest ongoing significant stock sales. These filings relate to Apollo holdings.
Black Family Foundation grant timing analysis: 2011 K grants, 2012 M grants, 2013 .5M grants, 2014 .76M grants (SPIKE - 10x increase), 2015 .93M grants, 2019 .81M grants. The 2014 spike to .76M in grants paid is extraordinary. Since Gratitude America received .003M in its 2015 tax year, and the Black Foundation paid .76M in its 2014 tax year, the timing aligns with a late-2014 or early-2015 transfer. The M Gratitude America contribution was approximately 85% of the Black Foundation total 2014 grants.
Leon Black Family Foundation gave $500K to Clinton Foundation/Presidential Foundation (2016: $250K Clinton Foundation, 2017: $250K Clinton Presidential Foundation) per IRS 990-PF Schedule I. Combined with previously known $750K direct payment, total Black→Clinton giving exceeds $1.25M.
Leon Black Family Foundation gave $500K to Tony Blair entities (2016: $250K Tony Blair Faith Foundation US, 2019: $250K Tony Blair Foundation) per IRS 990-PF Schedule I.
TEMPORAL PATTERN: Leon Black findings cluster around trust/payment milestones with 60-day silence in 2021 post-resignation. Dec 2014 burst (9 findings): BFP cash flow crisis, Athene capital call, charitable commitments list — all within 2 weeks of Giuffre v. Maxwell filing (Jan 5 2015). Jan 2021 burst (7 findings): Leon Black resignation and Dechert LLP investigation. The Dec 2014 activity suggests financial preparations were underway before the Maxwell lawsuit created public pressure.
Black temporal pattern: 2013 peak (4 findings during STC M year), Oct 2013 cross-thread with Benedetti/Rothschild, Dec 2014 financial preparation burst (Athene .6M capital call, BFP cash flow projections by Richard Joslin), Jan 2015 Giuffre filing, 2016-2018 scattered findings, Jan 2021 resignation cluster. The transition from financial to legal findings tracks the shift from operational relationship to defensive posture.
JMWT Topco/Phaidon Press UK corporate control structure confirmed
Leon David Black director of JMWT TOPCO LIMITED (08233421) Oct 2012-Dec 2015 at 10 Norwich Street EC4A 1BD. JMWT Limited is PSC of PHAIDON PRESS LIMITED (02525791) with 75-100% shares/voting/director appointment rights. Black family directors at Phaidon: Charlotte Black, Debra Ressler Black. Bradley Wechsler serves both entities.
relationship (8)
Jeffrey Epstein served as VP and Secretary of the Leon Black Family Foundation from approximately 2010-2012, POST-CONVICTION (Epstein convicted in 2008 FL plea deal). This role gave Epstein direct fiduciary authority over Black Foundation charitable disbursements during this period.
LittleSis confirms $158M transaction between Leon Black and Jeffrey Epstein (2012-2017). Also documents transaction with Government of the Virgin Islands (likely USVI AG investigation/settlement) and Origins Project. LittleSis entity ID 8302 shows 50+ political donations (2017-2020) primarily to Republican candidates: McConnell $5,600, Tom Cotton $7,800, Lindsey Graham $6,600, Maxine Waters $5,600 (bipartisan), plus Private Equity Growth Capital Council PAC $5,000. 36 board/trustee positions including: Apollo Global Management (Co-Founder/Senior Partner since 1990), MoMA Trustee, Met Museum Trustee, Dartmouth Trustee, Lincoln Center Trustee, Asia Society Trustee, Mt Sinai Board Member, Drexel Burnham Lambert (1977-1990).
Two separate ProPublica-registered Black foundations exist: (1) Debra And Leon Black Family Foundation (EIN 13-3947890, c/o Elysium, 445 Park Ave 1401, NYC, ruling date 1998, NTEE T20Z). Revenue peaked at $12.1M (2014), $4.6M (2015), $3.8M (2019), then collapsed to nearly zero by 2023 ($1 revenue, $3,680 expenses, $85K assets). (2) Leon D Black Foundation (EIN 20-5117734, same Elysium address, ruling date 2007, NTEE A33 arts). Steady $650K-$1.6M revenue annually. The Debra and Leon Black Family Foundation's dramatic revenue collapse post-Epstein scandal suggests restructuring to distance from controversy.
Epstein functioned as a meeting broker and social gatekeeper for Black. Documents show Epstein arranging Black's meeting with 'Sergey' (EFTA00334966: 'Can you ask Sergey to come see Jeffrey at 2pm on Thursday please' in context of 'Sergey/Leon Black' subject line, Nov 2015). Epstein also invited Black to gatherings that included other high-profile contacts: email to Ruemmler lists attendees as 'thiel, summers, bill burns, gordon brown, jagland, mongolia pres, leon black, woody' (Sep 2014). Meeting with Josh Harris also scheduled alongside Black (Feb 2014).
Black Family Foundation 2019 board includes Apollo Global Management executives: John Hannan (Director, c/o Apollo Global Management) and Barry Cohen (Director/Treasurer, c/o Apollo Global Management). Also includes Bradley J Wechsler (Secretary, Elysium Management - Black's family office). Family members: Leon D Black (President/Director, 0.50 hrs/wk), Debra R Black (VP/Director/Treasurer/Secretary, 0.50 hrs/wk), Benjamin E Black, Joshua M Black, Victoria R Black, Alexander S Black (all Directors). Books kept at Elysium MGT LLC, 445 Park Ave No 1401 NYC.
Extremely frequent in-person meetings between Epstein and Black documented in DOJ Vol 11. Calendar entries show breakfasts, lunches, and appointments multiple times per month from at least 2010 through June 2019. Meetings at Epstein's NYC townhouse (9 E 71st) and at Leon's Apollo office (9 West 57th Street, 43rd Floor). Black met with Epstein POST-2ND-ARREST: meetings continued through at least November 2016 in Paris-NY, with Black visiting Epstein at his home. Also documented: gift-giving (birthday reminders for Black July 31, $2000 gift card for Melanie Spinella), and Epstein taking Black to 2nd floor of his residence.
Elysium Management LLC (445 Park Avenue, Suite 1401, NYC) is Leon Black's family office. Key personnel: Richard Joslin (CFO), Brad Wechsler (CEO), Eileen Alexanderson (Black Family Partners LP), Barry J. Cohen (President and Special Counsel), Melanie Spinella (Executive Assistant to Black at Apollo), Heather Gray, Ada Clapp, John Castrucci, Larry Delson (attorney). Epstein was deeply embedded in family office operations, receiving tax returns, financial reports, art valuations, and trust documents.
Leon Black stepped down as CEO, Director, Chairman, and executive committee member March 21, 2021, effective immediately. Initial announcement Jan 25, 2021 said retirement as CEO by July 31, 2021 while remaining Chairman. Accelerated departure came after sexual harassment allegations surfaced. 8-K stated departure 'not the result of any dispute or disagreement.' Same filing: board expanded to 14 directors; Kerry Murphy Healey and Richard Emerson appointed; Jay Clayton became Non-Executive Chairman.
legal (5)
DANY (Manhattan DA) investigated Leon Black regarding trafficking allegations. Multiple victims identified: (1) Victim instructed to massage Black at Epstein's NYC residence circa 2011-2012; Black initiated sexual contact; victim ran out; Epstein laughed when she complained. (2) At least 2 additional victims investigated by DANY (calls with Jeanne M. Christensen, partner at Wigdor LLP, who represented victims). DANY ultimately closed investigation as to Black. SDNY also involved (US v. Black case documents). Senate Finance Committee (Sen. Wyden) investigated Black-Epstein relationship; received memorandum from Paul Weiss on Black's behalf.
All three Apollo founders (Black, Harris, Rowan) failed to file IRS Form 8865 for their interests in BRH Holdings LP, a Cayman Islands partnership through which they hold Apollo ownership interests. Epstein discovered in Aug 2016 that: (1) he had filed 8865 for Leon since 2013 but they were inaccurate; (2) Harris and Rowan had NEVER filed, creating open statutes of limitation. Epstein discussed with Brad Karp (Paul Weiss) — Karp said 'First I have heard of this.' Epstein proposed filing 3 or 6 years back under IRS delinquent international disclosure program. By Sep 29 2016, Apollo's Suzanne Wong coordinated with Deloitte to complete historical 8865 data back to 2007 by end of October. Epstein wrote 'nuts. he needs to replace wechsler, joslin, castrucci. its WAAAYY overdue. paralized him.'
Doe v. Black (1:23-cv-06418, SDNY) is an active sexual assault lawsuit filed July 25, 2023, assigned to Judge Jessica G. L. Clarke. The case is a diversity personal injury action under 28 USC 1332 and remains pending as of Feb 2026. An appeal was filed to the Second Circuit (25-564) on March 11, 2025. This is separate from Black v. Ganieva (1:21-cv-08824, SDNY), the RICO case Black himself filed against Guzel Ganieva. The Doe v. Black case demonstrates that despite the Dechert report's finding of 'no evidence that Epstein ever introduced Black, or offered to introduce Black, to any underage woman,' civil litigation alleging sexual misconduct continues against Black in connection with the Epstein network.
DOE V. BLACK (SDNY 1:23-cv-06418): A civil suit filed July 25, 2023 by 'Doe' against Leon Black in the Southern District of New York, assigned to Judge Jessica G.L. Clarke. Nature of suit: 360 (Personal Injury: Other). Cause: 28:1332pi (Diversity-Personal Injury). The case remains unterminated as of Feb 2026. This is a personal injury claim under diversity jurisdiction, consistent with sexual abuse allegations. Separately, Black v. Ganieva (SDNY 1:21-cv-08824, filed Oct 28, 2021) is a RICO suit filed BY Black against Guzel Ganieva, who had publicly accused Black of sexual assault and subsequently alleged extortion by Ganieva. The case went to the Second Circuit (filed Jul 14, 2022). These two cases represent the direct litigation fallout from the Epstein association -- the first an assault claim against Black, the second Black's attempt to counter-sue his accuser.
Leon Black personally has ZERO lobbying filings as a client in Senate LDA records. All lobbying was conducted through Apollo Global Management. The Leon Black Foundation also has zero filings. This means despite 158M+ in Epstein consulting fees and extensive political connections, Black maintained no personal lobbying registration separate from Apollo.
intelligence (4)
Glenn Dubin forwarded Bloomberg article to Epstein about Leon Black's tax reform dilemma (Dec 2017). Dubin appears to have been sharing Wall Street intelligence with Epstein about Black. The article discussed how the new tax regime could affect private equity firms like Apollo. This shows Dubin-Epstein-Black triangular intelligence sharing.
Apollo board convened Conflicts Committee and commissioned Deveraux report to investigate Black-Epstein relationship after October 2020 news coverage. Apollo 8-K filed Jan 25, 2021 (EFTA, SEC filing 000119312521016405) addresses Black-Epstein matter. Black stepped down as CEO of Apollo in March 2021 but remained as Chairman. SEC EDGAR shows 217 results for 'leon black epstein' across filings. Apollo (CIK 1411494) is now Apollo Asset Management Inc, incorporated in DE, SIC 6282 (Investment Advice), based at 9 West 57th Street, 42nd Floor, NYC.
CLAT (Charitable Lead Annuity Trust) estate planning structure used by Leon Black, with remainder flowing to Heritage Trust and Leon Black Family Foundation. Diagram (EFTA02726259) shows 2-step estate plan: Step 1: Estate Assets -> CLAT -> Annuity -> Leon Black Family Foundation, with Remainder to Heritage Trust. Step 2: Note Payable + Cash flow through CLAT structure. Epstein appears to have been advising on estate/tax planning, which was a core claimed justification for the $158M in consulting fees.
LMSBAND co-occurrence analysis reveals key individuals appearing alongside Leon Black in documents: Jeanne M. Christensen (Wigdor LLP partner, victim attorney, 21 files), Stewart Oldfield (19 files), Paul Morris (18 files), Caroline Kitidis (10 files), Dario (10 files), Larry Summers (12 files), Rich Kahn (12 files), Lesley Groff (16 files). The heavy Christensen presence confirms extensive DANY/victim litigation paperwork. Larry Summers co-appearance in 12 files confirms Summers and Black shared the Epstein advisory/social network.
Full Timeline
56 events
Full Timeline
56 events- 1.HOUSE_OVERSIGHT_023291
- 2.EFTA02731082
- 3.EFTA00027019
- 4.EFTA02339486
- 5.HOUSE_OVERSIGHT_023222
- 6.HOUSE_OVERSIGHT_023355
- 7.EFTA02452148
- 8.EFTA02470157
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- 10.EFTA01919502
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- 16.EFTA02712657