Leon Black

Leon Black is the billionaire founder and former chairman of Apollo Global Management, one of the world's largest private equity firms. The archive documents 862 emails spanning 2009 to 2020, revealing an extensive relationship with Jeffrey Epstein that centered on tax, estate, and art collection planning. Black paid Epstein $158 million between 2012 and 2017 through Epstein's Virgin Islands company Southern Trust, ostensibly for advisory services. This relationship prompted Black's resignation as Apollo chairman in March 2021 following an internal review. In January 2023, Black reached a $62.5 million settlement with the U.S. Virgin Islands to resolve claims related to his financial relationship with Epstein.

Background#

Leon Black co-founded Apollo Global Management in 1990 following a career at Drexel Burnham Lambert. The firm grew into a major global alternative investment manager with operations across private equity, credit, and real estate. Black served as Apollo's CEO from its founding until 2021 and was named chairman of the Museum of Modern Art in 2018. Epstein served as a director of the Leon Black Family Foundation from approximately 2001 until 2007, when he resigned "at the family's request" following his 2008 guilty plea to soliciting prostitution from a minor in Florida. News reports in 2019 noted that Epstein had remained on the foundation's board until 2012 according to some filings.

In March 2021, following an internal Apollo review conducted by law firm Dechert, Black announced he would step down as CEO immediately and as chairman by July 2021. The review found Black had paid Epstein approximately $158 million for legitimate advisory services related to estate planning, tax strategy, and philanthropy between 2012 and 2017, but concluded the services were bona fide and that Black had no involvement in or knowledge of Epstein's criminal conduct.

Correspondence with Epstein#

The archive contains 862 emails between 2009 and March 2020, with Black primarily as recipient (582 as "To," 241 as "CC," 35 as sender). The correspondence reveals Epstein functioning as a deeply embedded advisor on Black's most sensitive financial affairs, operating through Barry J. Cohen, managing director of Elysium Management LLC, Black's family office.

The relationship's scope emerges most clearly in September 2017 correspondence, when Epstein sent Black lengthy assessments of his financial team's performance. Epstein criticized Black's advisors—naming PricewaterhouseCoopers, Sullivan & Cromwell, Ernst & Young, and Black's tax attorney Brad Wechsler—as "children playing . sloppy , believing their own bullshit". He urged Black to "START from SCRATCH" and hire "experienced professionals!! not juniors from firms that were already passed over", offering his own "3 former head of IRS divisions" as alternatives.

The correspondence details Epstein's involvement in complex estate planning structures. In April 2015, four trusts established for Black's children—Gandalf Trust, Rollo Tomasi Trust, Yggdrasil Trust, and Tron Trust—each executed $2,204,718.75 wire transfers to "Luxury Catalogs" for the purchase of Dante's Commedia, totaling $8.8 million. The transactions were coordinated through Heather Gray at Elysium, who noted that "Brad and Jeffrey have approved this arrangement" before the trusts' LLC bank account was operational.

Art collection management formed a central theme. Extensive September 2017 exchanges addressed the tax implications of art held in trusts for Black's children while displayed in his residences. Epstein challenged the legal team's position on sales tax and rental arrangements if Black's wife Debra predeceased him, questioning "who advised you that no one pays" sales tax and demanding names of specific advisors rather than firm attributions. Barry Cohen acknowledged Epstein's input was welcome: "I have no time for pussy footing around these issues. I only want blunt assessments".

Epstein also advised on a proposed Charitable Lead Annuity Trust (CLAT) for Black's art collection. When Cohen reported banks had no derivative solutions for holding Apollo stock, Epstein expressed frustration: "who did you speak with. ? what structures did you propose" and questioned whether the team had ever seen a CLAT "of size above say 500m". He pressed Cohen on fundamental questions the advisors had not addressed: "if something were to happen to leon, who holds power of attorney" and whether Black had a valid health proxy.

On fees, Epstein wrote in September 2017: "there is both an issue of past fees not yet settled and if you guys want my current or future advice. you will need to pay for it. not complicated. and the fees will need to be agreed beforehand". When Cohen sought Epstein's help re-engaging on derivatives, Epstein demanded advance fee agreements.

The correspondence reveals Black paid close attention to Epstein's advice. When Epstein's assistant had difficulty printing documents, Black's assistant Melanie Spinella intervened (Jan 2017, May 2017). Some emails show Black forwarding Epstein's messages to his staff with brief instructions. In December 2016, when Epstein sent complex Apollo partnership data, Black asked for a password, to which Epstein replied: "Apollo123".

The final documented email is dated March 6, 2020, when an attorney representing an unnamed woman requested that Black provide "copies of any and all written agreements entered into between you and Ms." by March 18, 2020.

Connections#

The correspondence involved primarily Barry J. Cohen (262 shared emails), Black's family office head who served as intermediary for most substantive exchanges with Epstein. Brad Wechsler (245 shared emails), a tax attorney, frequently appeared on threads concerning estate and tax planning. Other significant co-correspondents include Black's Apollo assistants Melanie Spinella and Eileen Alexanderson, accountants Thomas Turrin and Richard Joslin, Elysium staff Heather Gray and Ada Clapp, and attorneys at Sullivan & Cromwell including Brad Karp.

Black's schedule intersected with other Epstein associates. In July 2014, Epstein traveled to the Hamptons, taking a helicopter from the West Side helipad to attend a party at Black's home for Black's son; Black's staff indicated "Leon says the staff will be very busy on Sat. setting up for Ben's party so unfortunately, cannot provide a driver". Black occasionally appeared at social events coordinated through Epstein's scheduler, including dinners with Woody Allen and proximity to figures like Andrew Farkas.

Document Mentions#

The settlement agreement Black reached with the U.S. Virgin Islands in January 2023 provides the most significant documentary evidence. The agreement recites that Black "paid $158 million over approximately five years to Jeffrey Epstein's Virgin Islands company, Southern Trust, for what Black contends was for services rendered and value received" and that "Jeffrey Epstein used the money Black paid him to partially fund his operations in the Virgin Islands". Black agreed to pay $62.5 million to resolve all Virgin Islands claims related to Epstein, with $15 million directed to a trust fund for counseling programs and mental health services for Virgin Islands residents. The agreement specifies it "is not intended to constitute evidence or precedent of any kind" and that Black entered it "solely for the purposes of settlement" without any admission of liability.

News alerts from July 2019 document public reporting on Black's connection to Epstein following Epstein's arrest. One alert notes "Jeffrey Epstein resigned 12 years ago as a director of Leon Black's family foundation" and references conflicting accounts about when Epstein's directorship ended—2007 according to Black's spokeswoman, or 2012 according to filings.

Apollo corporate documents show Black's role as founder and CEO. His employment agreement from July 2007 provided that his "employment is not subject to termination by the company without cause." Shareholders Agreement and SEC filings document Black's ownership stake in Apollo and his compensation structure.

Trust documents demonstrate the complexity of Black's estate planning structures that Epstein advised on, including multiple grantor trusts established in 2013 and 2014. A 2004 invoice from Philippe Cazeau documents Black's children's trusts purchasing a Picasso etching for over $200,000. Sotheby's appraisals from 2012 list 51 pieces of fine art pledged by Black with fair market values totaling tens of millions.

Visits to Epstein Properties#

Manhattan townhouse (9 East 71st Street): The archive documents at least 20 scheduled meetings at Epstein's residence between 2010 and 2017:

1. June 4, 2010 — Black requested breakfast (doc)
2. June 18, 2010 — 12:00 lunch scheduled (doc)
3. June 30, 2010 — Gift delivery: aqua dumbbells ordered for Black (doc)
4. November 5, 2010 — Black provided his email address to Epstein (doc)
5. November 18, 2010 — Black invited Epstein for 5:30 drink (doc)
6. December 2, 2010 — 8:30am breakfast (doc)
7. December 3, 2010 — 12:30 meeting, possibly lunch with Nathan Wolfe joining at 1:00 (doc)
8. April 2, 2013 — 9:00am breakfast (doc)
9. February 21, 2014 — 12:30pm lunch (doc)
10. March 12, 2014 — Meeting scheduled at 4:00pm, later moved to 4:30pm at Leon Black's office instead (doc)
11. March 13, 2014 — 12:00pm appointment with Larry Delson joining, at Black's office (doc)
12. April 2, 2014 — Appointment scheduled for Tuesday (doc)
13. July 24, 2014 — Social event at Black's Hamptons residence (doc)
14. October 16, 2014 — 4:00pm appointment at Leon's Apollo office with Larry Delson (doc)
15. February 27, 2015 — Black scheduled to visit Epstein 4:30-5:30pm (doc)
16. September 27, 2015 — 4:00pm appointment (doc)
17. February 16, 2017 — Black available to see Epstein after 1:00pm (doc)
18. January 30, 2017 — Afternoon meeting (doc)

Most meetings took place at Epstein's Manhattan residence or Black's Apollo office at 9 West 57th Street. The archive contains no evidence of Black visiting Epstein's other properties in Palm Beach, New Mexico, Paris, or the U.S. Virgin Islands.

Criminal Activity#

The archive documents Black's payment of $158 million to Epstein's Virgin Islands entity Southern Trust between 2012 and 2017, a financial relationship that enabled Epstein's continued operations in the territory following his 2008 conviction. The settlement agreement with the U.S. Virgin Islands explicitly states that "Jeffrey Epstein used the money Black paid him to partially fund his operations in the Virgin Islands".

Black's payments occurred during a period when Epstein was a registered sex offender following his 2008 guilty plea to soliciting prostitution from a minor. The magnitude of the payments—$158 million over five years—substantially exceeded typical advisory fees for estate planning and tax services, even for ultra-high-net-worth individuals. The 2017 correspondence shows Epstein explicitly demanding payment for advisory services and discussing "past fees not yet settled", indicating ongoing financial negotiations.

The provision of substantial financial resources to a convicted sex offender, when those resources were used to fund operations that facilitated ongoing criminal conduct, raises questions under 18 U.S.C. § 2 (aiding and abetting) if Black had knowledge of the nature of Epstein's activities. The statute provides that one who aids, abets, counsels, commands, induces, or procures the commission of an offense is punishable as a principal. However, the archive contains no direct evidence that Black had knowledge of or participated in Epstein's trafficking or abuse activities, and Black has consistently maintained he was unaware of Epstein's criminal conduct beyond the 2008 guilty plea.

Black's $62.5 million settlement with the U.S. Virgin Islands resolved the government's potential claims but included no admission of wrongdoing. The settlement specifically states Black entered it "solely for the purposes of settlement" and that its terms "shall not be cited by any person as evidence of wrongdoing by Black".