During a Senate panel on Tuesday, it was revealed that Apollo Global Management co-founder Leon Black is under investigation for his ties to Jeffrey Epstein. The focus of the investigation is the $158 million that Black allegedly paid Epstein for tax and estate planning services. However, Black has provided inadequate responses to the committee and has refused to disclose details of his payments to Epstein, raising concerns about the proper characterization of these payments for tax purposes.
The Senate Finance Committee, chaired by Ron Wyden, is conducting a series of investigations into how wealthy individuals avoid paying their taxes. Black, who is a billionaire, has declined to provide further personal information to the committee. According to a spokesperson for Black, he has cooperated extensively with the committee and has fully paid all taxes owed to the government.
In response to Wyden, Black’s memo argues that he has already answered numerous questions and submitted over 150 pages of personal tax and estate documents. Black contends that the committee’s latest questions are overly invasive and exceed the panel’s oversight role.
This newly revealed investigation into Black’s relationship with Epstein is just one example of the ongoing backlash faced by high-profile individuals associated with Epstein. The U.S. Virgin Islands has recently accused JPMorgan Chase of enabling Epstein’s criminal activities by opening accounts and credit cards for teenagers who were described as models and friends of Epstein.
Wyden’s probe into Black’s financial ties with Epstein began in June 2022. A review commissioned by Apollo’s board of directors found that Black had paid Epstein $158 million between 2012 and 2017. The review also stated that Epstein had provided advice that conferred over $1 billion in value to Black.
Wyden’s letter to Black raises concerns about how Black retained income from his Apollo holdings while avoiding gift and estate taxes on the transfer of his immense wealth to his children. The chairman also questions why Epstein was paid significantly more than other attorneys and accountants involved in these transactions, and why there was no written services agreement or contract in place for the payments to Epstein.
In addition to the investigation into Black, the U.S. Virgin Islands has accused JPMorgan of facilitating and concealing Epstein’s human trafficking operation. The territory alleges that top executives at the bank turned a blind eye to Epstein’s misconduct because of the financial benefits and high-profile clients he brought to the bank. JPMorgan denies these allegations and has accused the USVI of assisting Epstein in his crimes.
The USVI has filed a motion for summary judgment in its case against JPMorgan, seeking at least $190 million in damages and a court order to protect potential future trafficking victims. The case is scheduled to go to trial on October 23.
Jeffrey Epstein, who was charged with federal child sex trafficking, died by suicide in 2019. JPMorgan ended its banking relationship with Epstein in 2013 and recently agreed to pay approximately $290 million to settle a lawsuit brought by his victims.
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