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# Leon Black ## Summary Leon Black is the billionaire co-founder of [Apollo Global Management](https://en.wikipedia.org/wiki/Apollo_Global_Management), one of the world's largest private equity firms. His connection to Jeffrey Epstein is among the most extensively documented in the entire Epstein archive, spanning [862 emails](/person/leon-black) across [663 threads](/person/leon-black) from August 2009 through March 2020, and appearing in over [10,239 documents](/person/leon-black). The relationship was both personal and professional: Black retained Epstein as a paid financial advisor from 2012 to 2017, compensating him a total of [$158 million](/drive/vol00012-efta02730996-pdf) for services related to trust and estate planning, tax strategy, art transactions, airplane ownership, and oversight of Black's family office. The archive reveals an extraordinarily detailed working relationship in which Epstein functioned as a de facto chief strategist for Black's personal finances, directing Black's accountants, attorneys, and family office staff while frequently clashing with them over competence and strategy. Multiple payment disputes between Epstein and Black are documented in granular detail, including Epstein's claims that Black repeatedly agreed to fees and then reduced them after receiving the benefit of his advice. An investigation commissioned by Apollo's board, conducted by [Dechert LLP in January 2021](/drive/vol00012-efta02730996-pdf), found that Epstein had provided advice worth "$1 billion and as much as $2 billion or more" to Black but concluded it found "no evidence" that Black was involved in Epstein's criminal activities. A separate [U.S. Senate Finance Committee investigation](/drive/vol00012-efta02731023-pdf) scrutinized the payments and the underlying tax avoidance structures. In 2021, Russian-born model [Guzel Ganieva filed a lawsuit](https://www.nytimes.com/2021/05/25/business/leon-black-lawsuit.html) alleging Black had sexually assaulted and raped her over a period of years, with some of the alleged abuse occurring at Epstein's 9 East 71st Street Manhattan townhouse. Black denied the allegations and [characterized them as a "shakedown"](https://www.nytimes.com/2021/05/25/business/leon-black-lawsuit.html), filing a defamation countersuit. In March 2023, Black and Ganieva reached a [$158 million settlement](https://www.nytimes.com/2023/03/25/business/leon-black-settlement.html) — the exact amount Black paid to Epstein over five years. The March 2020 [pre-lawsuit inquiry letter](/thread/EFTA02731524) from attorney David G. Liston to Black, requesting "copies of any and all written agreements entered into between you and Ms. [redacted]," is the latest-dated correspondence in Black's email archive. ## Background Leon D. Black co-founded [Apollo Global Management](https://en.wikipedia.org/wiki/Apollo_Global_Management) in 1990 alongside Josh Harris and Marc Rowan after working at Drexel Burnham Lambert. Apollo grew into one of the largest alternative investment managers in the world, with hundreds of billions of dollars in assets under management. Black served as Apollo's chairman and CEO for decades. His personal net worth has been estimated at over $9 billion. Black was introduced to Epstein in the [mid-1990s by a mutual friend](/drive/vol00012-efta02730996-pdf). In 1997, Black appointed Epstein as one of the initial directors of the [Leon D. Black Family Foundation](/drive/vol00012-efta02730996-pdf). An [April 5, 2014 memo from Ada Clapp](/drive/vol00009-efta01195963-pdf) reveals that Epstein was not merely a board director but one of only **three initial executive committee members** of the foundation, alongside Leon and Debra Black. The executive committee ["has authority to act on behalf of the entire Board"](/drive/vol00009-efta01195963-pdf) and ["makes determinations on grant recipients"](/drive/vol00009-efta01195963-pdf), giving Epstein direct authority over the foundation's philanthropic decisions. In 1997, four additional directors were elected: John Hannan, Barry Cohen (who later became Black's family office CFO and a major Epstein correspondent), [Antony Ressler](/person/antony-ressler) (another Apollo co-founder, married to Jami Gertz), and Jonathan Levine. Epstein resigned from the foundation board in mid-2007, though [Elyse Kirchner at McDermott "could not find a signed copy of the Resignation Document"](/drive/vol00009-efta01195963-pdf) and an oversight meant IRS Form 990s filed during 2008–2012 failed to reflect the resignation. Black was aware of Epstein's 2008 guilty plea in Florida. According to the Dechert report, Black ["understood from Epstein that these offenses arose out of a single instance in which Epstein had received a massage from a 17 year old prostitute"](/drive/vol00012-efta02730996-pdf) and that ["Epstein had told him that the woman had shown Epstein false identification suggesting that she was not underage"](/drive/vol00012-efta02730996-pdf). Black ["believed that the severity of Epstein's offenses was limited to a single instance"](/drive/vol00012-efta02730996-pdf) and continued the relationship, believing that Epstein had ["served his time"](/drive/vol00012-efta02730996-pdf) and deserved a second chance. Black claims he ["was repulsed by the details of Epstein's crimes that were published in late 2018"](/drive/vol00012-efta02730996-pdf). However, an [FBI interview (FD-302) dated February 28, 2020](/drive/vol00009-efta01246812-pdf) with a woman who interacted with Epstein from 2004 onward states that **"In late 2006-2007, EPSTEIN introduced [her] to his friend LEON BLACK. [She] said that she threw up in her mouth and laughed about it."** This same witness described how Epstein asked her to find "18-23 year old who were clean cut, slim, and attractive girls" for massages, that Epstein had "three appointments a day for massages," that **"At some point, EPSTEIN suggested that [she] see some of his acquaintances. He suggested this more than once,"** and that **"EPSTEIN told [her] to set up one of his friends [with a woman]. [She] confirmed this appointment."** The FBI interview reveals that Black was meeting women in Epstein's network even before Epstein's 2008 conviction, and the woman's visceral reaction to meeting Black ("threw up in her mouth") suggests the introduction was not innocent. Following reporting by the *Miami Herald* in late 2018 and Epstein's 2019 arrest, public scrutiny fell on Black's financial relationship with Epstein. In October 2020, Apollo's board retained [Dechert LLP to investigate](/drive/vol00012-efta02730996-pdf). The resulting January 2021 report confirmed the $158 million in payments and described the advisory work in detail. Black stepped down as Apollo's CEO and subsequently as chairman in March 2021. In July 2023, Senator Ron Wyden, Chairman of the Senate Finance Committee, sent Black a [detailed letter](/drive/vol00012-efta02731023-pdf) questioning the $158 million payment scheme, Black's refusal to answer questions about how payments were calculated, and potential gift and estate tax avoidance involving as much as $2 billion in transferred wealth. In March 2020, attorney David G. Liston of Liston Abramson (The Chrysler Building, 405 Lexington Avenue, 46th Floor, New York) wrote to Black [on behalf of an unnamed woman](/thread/EFTA02731524), marked "PERSONAL AND CONFIDENTIAL," requesting ["copies of any and all written agreements entered into between you and Ms. [redacted]"](/thread/EFTA02731524) and stating his client "has retained our firm to investigate certain matters related to your prior interactions with her." The letter references an earlier letter dated February 18, 2020. This correspondence, the latest-dated in Black's email archive, is almost certainly connected to Guzel Ganieva's subsequent May 2021 lawsuit alleging Black had sexually assaulted and raped her multiple times, with some incidents occurring at Epstein's Manhattan townhouse. Black [denied the allegations and filed a defamation countersuit](https://www.nytimes.com/2021/05/25/business/leon-black-lawsuit.html), characterizing Ganieva's claims as a "shakedown." In March 2023, the parties reached a [$158 million settlement](https://www.nytimes.com/2023/03/25/business/leon-black-settlement.html) —settlement](https://www.nytimes.com/2023/03/25/business/leon-black-settlement.html), a figure that exactly matches the $158 million Black paid to Epstein over five years, creating a striking symmetry between Black's payments to Epstein and his settlement with a woman alleging abuse at Epstein's property. ## Correspondence with Epstein ### Scope and Structure Black's [862 emails](/person/leon-black) with Epstein's network reflect a relationship dominated by financial advisory work. The vast majority of correspondence involves tax planning, trust administration, IRS audits, airplane purchases, art transactions, and family office management. Many emails sent from Black's address were actually written by his assistant [Melanie Spinella](/person/melanie-spinella-), who managed Black's email account and [printed materials for him](/thread/EFTA02339600). Epstein communicated from his [email protected] address and often sent material directly to Black while copying family office staff. ### The Advisory Relationship (2012–2017) Epstein's formal advisory role began in late 2012, when he started working on Black's trust and estate planning. The Dechert investigation found that a [contract memorializing the arrangement was signed in 2013](/drive/vol00012-efta02730996-pdf), with the rationale that Epstein provided ["services in connection with Estate Planning to and for the benefit of Leon Black"](/drive/vol00011-efta02357262-pdf), though such services could "also relate to his wife and their children, affiliated trust, LPs, and LLCs." The most significant project was Epstein's solution to a problem with Black's 2006 Grantor Retained Annuity Trust (GRAT), which could have triggered an estate tax liability of [$1 billion or more](/drive/vol00012-efta02731023-pdf). Outside counsel described Epstein's solution as a ["grand slam"](/drive/vol00012-efta02731023-pdf). Epstein also assisted with a "step-up-basis transaction" that Black agreed saved approximately [$600 million](/drive/vol00012-efta02730996-pdf). In a lengthy letter drafted for Black, Epstein wrote that his intervention had accomplished ["600 million in after tax savings"](/drive/vol00009-efta00332373-pdf) and detailed how he had found "$11 million dollars in dormant accounts," "$4 million dollars in Eileen's drawer," and "$8 million of deductions" that Black's existing staff had missed. ### Fee Disputes A persistent and acrimonious dispute over Epstein's compensation pervades the archive. In April 2015, Epstein laid out his fee calculation to Black's assistant Melanie Spinella: ["10m paid today to gratitude america... 20 million paid today ftc. 10 million july 15... 600 savings 225 million owed. - 50 credit, 175 owed"](/drive/vol00009-efta00332373-pdf)owed"](/drive/vol00009-efta00332373-pdf). —This suggestingsuggests Epstein calculated fees at roughly 37% of tax savings and believed he was owed $175 million. In a separate draft, Epstein complained about Black's repeated pattern of agreeing to fees before a transaction and then reducing them afterward. Epstein wrote that he had proposed discounting his fee to ["50 - 60 million"](/drive/vol00009-efta00332373-pdf) for the major transaction but was ultimately told ["a total of only 20m would be paid"](/drive/vol00009-efta00332373-pdf), which he called "remarkably unfair." Epstein described calling Paul Weiss attorney Brad Karp, who ["said he was never told"](/drive/vol00009-efta00332373-pdf) about the prior fee agreement. By August 2017, Epstein was writing to Black with increasing frustration, detailing unpaid invoices and complaining about Black's other advisors. In one message, Epstein stated that the ["detectability of the first 100 million that saved your financial life"](/thread/vol00009-efta01037252-pdf) had never been properly compensated. He wrote that Black's refusal to pay what was agreed was a pattern: ["each time you have chosen not to pay what we agreed... you tell me that tom and joslin's advice is one of the reasons that you feel you shouldn't pay."](/thread/vol00009-efta01037252-pdf) ### Payment Mechanics The archive documents specific payment instructions across a complex network of entities. A detailed [transaction exhibit titled "Leon Black/Rothschild Group Transactions"](/drive/EFTA00028094.pdf) reveals the full payment structure: **at least 20 payments totaling approximately $163 million** flowed from Black-controlled entities to Epstein-controlled entities between October 2013 and April 2017. The payment entities used by Black included: - **Leon and Debra Black** (jointly) - **Black Family Partners LP c/o Apollo Management** - **Narrow Holdings LLC c/o Elysium Management** - **BV70 LLC** (a Black-controlled entity) - **Leon and Debra Black c/o Apollo Management** Recipient entities included: - **Southern Trust Company Inc.** - **Gratitude America Ltd.** (Epstein's foundation) - **Plan D LLC** (an Epstein entity) Significantly, Debra Black is listed as co-payer on at least **$60.5 million in wire transfers** to Southern Trust Company: $8.5M (10/15/2013), $5M (4/25/2014), $15M (4/29/2014), $7M (10/16/2014), $2M (10/22/2014), $5M (10/13/2015), $10M (12/30/2015), and $8M (4/25/2017). Her name appearing as co-payer suggests she was fully aware of and participated in the payment scheme. The exhibit is titled "**LEON BLACK / ROTHSCHILD GROUP TRANSACTIONS**" because payments from both Black and the Rothschild family flowed into the same Epstein entity accounts. The [December 2015 Deutsche Bank statement for Southern Trust Company](/drive/vol00010-efta01285900-pdf) shows these payments co-mingled in the same account: $10M from **Edmond de Rothschild (Suisse) SA** (12/17/2015), $10M from **Black Family Partners** (12/18/2015), $14.999M from **Benjamin Edmond de Rothschild** (12/21/2015), and $10M from **Leon and Debra Black c/o Apollo Management** (12/30/2015) —(12/30/2015), all within a two-week period, flowing into an account with a balance of approximately $110 million. This co-mingling suggests Epstein used his relationship with Black to attract or serve other ultra-wealthy clients through the same financial infrastructure. In October 2015, [Richard Kahn](/person/rich-kahn) drafted a wire instruction email directing $15 million to ["Southern Trust Company, Inc."](/thread/EFTA02349071) via Black Family Partners, and $4.75 million to ["J Epstein Virgin Islands Foundation Inc."](/thread/EFTA02349071) The charitable donation was structured to avoid public disclosure: ["In an effort to avoid public disclosure of Leon name this charitable donation should be paid from your LLC that owns automobiles."](/thread/EFTA02349071) The BV70 LLC entity was used for substantial payments: $10M to Gratitude America Ltd. (10/14/2015), $22.5M to Plan D LLC (3/31/2017), and $8M to Plan D LLC (4/17/2017). On October 2, 2018, Plan D LLC refunded $10M to BV70 LLC, described as an "Epstein partial loan repayment." Narrow Holdings LLC c/o Elysium Management paid $20M to Southern Trust Company on 7/15/2014. In April 2017, Epstein relayed to [Brad Wechsler](/person/brad-wechsler-wechsler) that ["Brad spoke to Leon, friday night, he said if I wanted the 10 million invoice paid this week, he would do it, though he'd prefer to wait until end of may"](/thread/vol00009-efta01048362-pdf). Epstein also invoiced Black directly for specific projects, writing: ["Enclosed please find an invoice for the 8865 work, as per our discussion"](/thread/vol00009-efta01049054-pdf), accompanied by a note from Richard Joslin confirming the fees were "100% deductible." Wire transfer documents from April 2015 show Black, acting as trustee, authorizing [$2,204,718.75 transfers from multiple trusts](/thread/EFTA02682457) — the(the Tron Trust, Gandalf Trust, Rollo Tomasi Trust, and an unnamed trust —trust) all directed to "Luxury Catalogs" with the reference "Dante's Commedia." Notably, the [December 2015 bank statement](/drive/vol00010-efta01285900-pdf) also shows outgoing payments from the same Southern Trust Company account receiving Black's money, including **$250,000 to "TERJE ROED LARSEN"** via the UN Federal Credit Union and **$200,000 to "CECILE R DE JONGH"** via First Bank, Puerto Rico. Terje Roed-Larsen is a former UN special envoy, the same "Terje Larson" whose 16-year-old son Black was [asked to help find an internship for](/thread/EFTA02644975) in July 2017. Cecile de Jongh was the wife of John de Jongh Jr., Governor of the U.S. Virgin Islands, where Epstein had extensive operations. These payments reveal that Black's money was flowing into the same account Epstein used to make payments to politically connected figures. ### Family Office Management and Criticism Epstein acted as a forceful overseer of Black's family office, known as Elysium Management LLC. He repeatedly criticized staff he deemed incompetent. In his "happy new year" letter to Black in September 2017, Epstein wrote: ["START FROM SCRATCH... STOP being cheap"](/thread/EFTA02618531), urging Black to fire most of his advisory team except for [Barry Cohen](/person/barry-j-cohen-elysllc), Heather Gray, and Brad's secretary. He claimed Black's advisors had failed to inform him about the existence of the IRS's ["ART ADVISORY PANEL and its critical role in estates"](/thread/EFTA02618531). In another message, Epstein criticized Black's advisors' handling of a tax issue involving someone named "Ana," stating that ["these girls, all want to show how clever they are. they come from countries where taxes are rarely paid"](/thread/vol00009-efta01037252-pdf) and warning that the person's tax filings contained deductions for "pilates equipment" allocated to "R AND D" and "a rental dress as marketing expense." The Dechert report notes that ["Epstein made repeated efforts to ingratiate himself with other senior executives at Apollo and appears to have relied on Black to help him make those introductions"](/drive/vol00012-efta02730996-pdf). Despite these efforts, Dechert found "no evidence of any other Apollo executive ever retaining Epstein for his services." This finding, combined with the co-mingling of Black and Rothschild payments in Epstein's accounts, suggests Epstein used his relationship with Black both to attempt to expand his client base within Apollo and to legitimize his financial advisory practice with other ultra-wealthy families. ### Other Advisory Topics Beyond estate planning, Epstein advised on a wide range of topics: - **Aircraft purchases**: Extensive correspondence in 2017 covered the purchase of a replacement for Black's Gulfstream G-V, with Epstein advising on G650 pricing, [bonus depreciation](/thread/EFTA02650086), divider configurations, and [Gulfstream trade-in options](/thread/EFTA02658304). - **Art transactions**: Epstein was involved in Black's art consignment and sales, including Giacometti and Braque transactions ([April 2017](/thread/EFTA02652261), [March 2017](/thread/EFTA02656665)), and requested ["a list of all 2016 art transactions"](/thread/EFTA02647015). - **IRS audits**: In spring 2017, a BRH audit notice consumed significant correspondence, with Epstein coordinating strategy among [Thomas Turrin](/person/thomas-turrin), [Barry Cohen](/person/barry-j-cohen-elysllc), and [Brad Wechsler](/person/brad-wechsler-wechsler) regarding response letters to the IRS agent. - **Derivatives**: [Barry Cohen](/person/barry-j-cohen-elysllc) wrote to Epstein in November 2017 that he was ["Very happy to re-engage on derivatives ideas for holding APO stock/units"](/thread/EFTA02568936), noting that no one at the banks had good ideas and they "welcome any guidance you can give us." - **Estate planning**: The [April 5, 2014 memo from Ada Clapp](/drive/vol00009-efta01195963-pdf) to Epstein, cc'd to Eileen Alexanderson and titled "Questions for your Meeting with Leon on 4.7.14," reveals Epstein's intimate knowledge of Black family estate planning. The memo states: **"All residences are owned jointly by Leon and Debra except [redacted]"** and discusses "Debra giving the children a right of first refusal if she wants to sell a residence" and "putting the above referenced two parcels in joint name." This demonstrates that Epstein had detailed knowledge of the family's residential real estate holdings and participated in discussions about intergenerational wealth transfer planning involving Black's children. ### Introducing Black to Others In October 2009, Epstein wrote to Nicole Junkermann: ["I spoke to Leon Black... He said he will take you to lunch or dinner, and be any help he can"](/thread/vol00009-efta00741794-pdf). In April 2012, Epstein's assistant invited Black to [fly with Epstein to Harvard for a day trip](/thread/vol00009-efta00415923-pdf), noting Austin Hearst would also attend. In July 2017, Epstein asked Black to help find a London financial internship for ["Terje Larson son 16"](/thread/EFTA02644975) — the same Terje Roed-Larsen who received [$250,000 from the Southern Trust Company account](/drive/vol00010-efta01285900-pdf) funded by Black's payments. ## Debra Black (Wife) Involvement Debra (not "Deborah") Black's involvement in the Epstein relationship was far more extensive than simply accompanying her husband on social visits. The archive reveals she was: 1. **Co-founder of the Foundation Executive Committee**: Along with Leon Black and Jeffrey Epstein, Debra Black was one of only [three initial executive committee members](/drive/vol00009-efta01195963-pdf) of the Leon D. Black Family Foundation in 1997, giving her direct authority alongside Epstein over the foundation's philanthropic decisions. 2. **Co-payer on over $60 million to Epstein**: Her name appears as joint payer with Leon on at least [$60.5 million in wire transfers](/drive/EFTA00028094.pdf) to Epstein's Southern Trust Company: $8.5M (10/15/2013), $5M (4/25/2014), $15M (4/29/2014), $7M (10/16/2014), $2M (10/22/2014), $5M (10/13/2015), $10M (12/30/2015), and $8M (4/25/2017). The [December 2015 bank statement](/drive/vol00010-efta01285900-pdf) confirms "LEON D BLACK DEBRA R BLACK C/O APOLLO MANAGEMENT" as the payer of $10M on 12/30/2015. 3. **Participant in estate planning discussions**: The [April 2014 Ada Clapp memo](/drive/vol00009-efta01195963-pdf) shows Epstein had detailed knowledge of the couple's jointly-owned residences and was involved in discussions about "Debra giving the children a right of first refusal if she wants to sell a residence." 4. **Accompanied Leon on visits to Epstein properties**: According to the Dechert report, ["Black and his wife briefly visited Epstein at his residence in Paris for drinks on a single occasion. Black and his wife also visited Epstein at his property in Santa Fe on a single occasion, while Black and his wife were on their way to California on Black's personal airplane. Black recalls visiting Epstein's island in the Caribbean on two occasions and was accompanied by his wife and one or more of his children on both."](/drive/vol00012-efta02730996-pdf) 5. **Provided transportation to Epstein's guests**: ["At Epstein's request, Black and his wife provided transportation from Santa Fe to California on Black's plane to two or more of Epstein's adult guests in Santa Fe."](/drive/vol00012-efta02730996-pdf) ## Connections Leon Black's co-correspondents in the Epstein archive form a network centered on his family office operations: - **[Jeffrey Epstein](/person/jeffrey-epstein)**: 789 shared emails, the dominant correspondence in Black's archive, spanning financial advisory work, personal exchanges, and fee disputes. - **[Barry J. Cohen](/person/barry-j-cohen-elysllc)**: 262 shared emails. Cohen served as chief financial officer of Black's family office and was Epstein's primary operational counterpart, exchanging detailed correspondence about tax filings, airplane purchases, and derivatives strategies. Cohen was also one of the four additional directors elected to the Black Family Foundation board in 1997 alongside Epstein. - **[Brad Wechsler](/person/brad-wechsler-wechsler)**: 245 shared emails. Wechsler managed aspects of Black's family office and was the subject of persistent criticism from Epstein, who called him ["highly unsuited for the job"](/drive/vol00009-efta00332373-pdf). - **[Thomas Turrin](/person/thomas-turrin)**: 138 shared emails. Turrin was Black's accountant, responsible for tax return preparation, IRS correspondence, and reasonable cause statements for delinquent international information returns. - **[Larry Cohen](/person/larry-cohen-bgc3)**: 98 shared emails. - **[Lesley Groff](/person/lesley-groff-nameonly)**: 14 shared emails. Epstein's executive assistant, who coordinated scheduling of in-person meetings between Black and Epstein ([March 2012](/thread/EFTA02697068), [November 2013](/thread/vol00009-efta00380151-pdf), [November 2016](/thread/EFTA02329099)). - **[Melanie Spinella](/person/melanie-spinella-)**: 21 shared emails. Black's personal assistant at Apollo, who operated Black's email and communicated with Epstein's office on scheduling and logistics. She was also named co-trustee of [the J. Black Trust](/drive/vol00009-efta01111731-pdf) alongside Leon Black, with Thomas Turrin designated as her successor trustee. - **[Ada Clapp](/person/ada-clapp)**: 14 shared emails. An attorney who worked on Black's estate planning, including drafting a [summary of Black's Last Will and Testament](/drive/vol00009-efta00589534-pdf), a proposed [limited partner agreement](/thread/EFTA02348466), and the comprehensive ["Questions for your Meeting with Leon on 4.7.14" memo](/drive/vol00009-efta01195963-pdf) detailing foundation governance, estate planning issues, and real estate holdings. - **[Brad Karp](/person/karp-brad-s-intel)**: 10 shared emails. A senior partner at Paul, Weiss, Rifkind, Wharton & Garrison LLP, who served as outside legal counsel to Black. Epstein forwarded his "DO NOT SEND" letter about fee disputes to Karp [for discussion in December 2017](/drive/vol00011-efta02550806-pdf). ## Document References The most significant document in the archive relating to Leon Black is the [Dechert LLP investigation memorandum](/drive/vol00012-efta02730996-pdf), dated January 22, 2021, prepared for Apollo's Conflicts Committee. The 25-page report reviewed over 60,000 documents and interviewed more than 20 witnesses. It confirmed $158 million in payments from Black to Epstein between 2012 and 2017 and described Epstein's work on the 2006 GRAT problem, the step-up-basis transaction, and family office management. The report stated that Dechert found "no evidence that Black or any employee of the Family Office or Apollo was involved in any way with Epstein's criminal activities." It also noted that Epstein's entity Financial Trust Company purchased 263,257 shares of Apollo stock in its 2011 IPO, and that ["Those shares appear to have later been transferred to a second Epstein entity, Southern Financial LLC, and appear to have been held through at least September 2019"](/drive/vol00012-efta02730996-pdf) — after Epstein's death. The report also states that ["Black viewed Epstein as a confirmed bachelor with eclectic tastes, who often employed attractive women. However, Black did not believe that any of the women in Epstein's employ were underage."](/drive/vol00012-efta02730996-pdf) A [July 24, 2023 letter from Senate Finance Committee Chairman Ron Wyden](/drive/vol00012-efta02731023-pdf) to Black detailed the Committee's investigation into the $158 million in payments, questioning why Epstein was paid amounts "vastly exceeding" those paid to other attorneys and accountants, and why Black was "willing to pay Epstein over $100 million without a written services agreement or contract." The letter reveals the investigation timeline: the Committee initiated investigation on **June 22, 2022**, with follow-up requests on **January 13, 2023** and **February 6, 2023**, and responses received on **January 16** and **February 21, 2023**. Black **refused to answer questions** about: (1) the amount by which he was overpaid income from the remainder trust, (2) the consideration provided in the mutual release of claims, (3) whether he retained voting control of Apollo shares in the remainder trust, and (4) whether he borrowed against assets held in the remainder trust. Black's counsel, which included both [Paul, Weiss, Rifkind, Wharton & Garrison LLP](/drive/vol00012-efta02731023-pdf) and [Brownstein Hyatt Farber Schreck LLP](/drive/vol00012-efta02731023-pdf), claimed these requests were "outside the scope of the Committee's purview" — which Wyden rejected. The Committee found that Black's responses regarding the step-up-basis transaction ["minimized Epstein's involvement"](/drive/vol00012-efta02731023-pdf) and were "at odds with the Dechert report." Black's counsel stated the step-up idea was "in the public domain and originated with his other legal advisors" —advisors," contradicting Dechert's characterization. The letter also reveals that **the IRS has NOT reviewed the 2006 GRATs, remainder trust, or mutual release scheme**, and raised concerns about whether the payments were properly characterized as income or gifts for tax purposes. A detailed [transaction exhibit titled "Leon Black/Rothschild Group Transactions"](/drive/EFTA00028094.pdf) provides a complete ledger of at least 20 payments totaling approximately $163 million from Black entities to Epstein entities, including the complex routing through BV70 LLC, Narrow Holdings LLC, Black Family Partners, and the jointly-named "Leon and Debra Black" accounts. The [December 2015 Deutsche Bank statement for Southern Trust Company](/drive/vol00010-efta01285900-pdf) confirms the co-mingling of Black and Rothschild family payments in the same account, with a balance of approximately $110 million, and shows outgoing payments to Terje Roed-Larsen ($250,000) and Cecile de Jongh ($200,000). An [FBI interview report (FD-302) dated February 28, 2020](/drive/vol00009-efta01246812-pdf) documents a witness statement that "In late 2006-2007, EPSTEIN introduced [her] to his friend LEON BLACK. [She] said that she threw up in her mouth and laughed about it." The same witness described Epstein systematically requesting that she "see some of his acquaintances" and confirming she "set up one of his friends" with a woman,woman. providingThis provides critical context about Epstein's practice of introducing young women in his network to wealthy associates. The archive contains extensive estate planning documents, including a detailed [Checklist for Leon Black Estate Planning and Restructuring](/drive/vol00009-efta00583490-pdf) dated January 14, 2014, covering trust accounting, cash flow planning, new wills, decanting trusts, restructuring family entities, and insurance. A [Term Sheet for Leon D. Black's Testamentary Documents](/drive/vol00009-efta00584945-pdf) specifies bequests including $3 million to Melanie Spinella and provisions for a Heritage Trust distributing $10 million to each child at age 30, $50 million at 35, and $100 million at 40. The [J. Black Trust Agreement](/drive/vol00009-efta01111731-pdf), dated March 2014, names Leon Black as grantor and Leon Black and Melanie Spinella as co-trustees. A [Financial Analysis Summary for Leon D. Black](/drive/vol00011-efta02710783-pdf) dated March 2015 reports total assets of approximately $5.66 billion and a net worth of approximately $5.1 billion. The [April 5, 2014 memo from Ada Clapp to Jeffrey Epstein](/drive/vol00009-efta01195963-pdf), cc'd to Eileen Alexanderson and titled "Questions for your Meeting with Leon on 4.7.14," provides comprehensive detail on the Black Family Foundation governance structure (revealing Epstein's executive committee role), estate planning issues, real estate holdings, and the fact that no signed copy of Epstein's 2007 resignation from the foundation could be found. FBI investigation summaries covering the [Epstein case timeline](/drive/vol00009-efta00164939-pdf) and [case initiation](/drive/vol00009-efta00172119-pdf) document the broader investigative context. [Sotheby's consignment agreements from October 2014](/drive/vol00009-efta00594326-pdf) for art sales by Black are also in the archive. Multiple copies of the [2003 Vanity Fair "Mr. Big" article about Epstein](/drive/vol00009-efta00204650-pdf) (also found at [vol00009-efta00260609-pdf](/drive/vol00009-efta00260609-pdf), including one marked as Ghislaine Maxwell evidence exhibit SDNY_GM_00331388) list Leon Black as "real-estate tycoon Leon Black" among the "businessmen who dine with him at his home" alongside Mort Zuckerman, Ronald Perelman, Nathan Myhrvold, Tom Pritzker, and Donald Trump, establishing that Black was among Epstein's regular dinner companions at the townhouse before the formal advisory period began. ## Visits to Epstein Properties ### Manhattan Townhouse (9 East 71st Street) The archive documents numerous visits by Black to Epstein's New York townhouse, primarily for breakfast or morning business meetings: 1. **May 1, 2011** — Reminder sent: ["Jeffrey is looking forward to seeing you this morning at his home at 10:30"](/thread/EFTA02189886) 2. **March 13, 2012** — Meeting at 3:00pm, with Black also expressing interest in getting together [in Paris later that month](/thread/EFTA02697068) 3. **December 12, 2012** — Proposed 6pm meeting at MoMA, with Lesley Groff [coordinating documents needing signatures](/thread/EFTA02680131) 4. **November 6–7, 2013** — Scheduled meeting at [Leon's office at Apollo, 9 West 57th Street](/thread/vol00009-efta00380151-pdf), with Epstein's schedule showing meetings with Eileen, Ada, Rich Joslin and Tom Turrin 5. **February 19, 2015** — 3:30pm appointment with [Leon Black at Epstein's home](/person/leon-black) 6. **March 24, 2015** — Lunch for Black at Epstein's home, with staff [instructed to order from JG Mellon](/person/leon-black) 7. **April 10, 2015** — Meeting at 9:30am, confirmed by Melanie Spinella who noted ["Leon said he and Jeffrey are meeting Friday the 10th at 9:30"](/thread/vol00009-efta00349938-pdf) 8. **June 29, 2015** — Black coming at 11am; Lesley Groff noted it ["probably really means 11:20!"](/thread/EFTA02495843) 9. **November 12, 2016** — 10am appointment, with note that ["he may want breakfast...please be prepared"](/thread/EFTA02329099). This email was sent to [Karyna Shuliak](/thread/EFTA02329099) — one(one of Epstein's young girlfriends —girlfriends) along with household staff Valdson Cotrin and Merwin dela Cruz, showing that Epstein's personal companions were aware of and involved in coordinating Black's visits. 10. **March 16, 2017** — Black to visit Epstein at [9:15am for breakfast](/person/leon-black) 11. **April 13, 2017** — 2:00/2:30pm appointment with [Leon Black](/drive/vol00009-efta00285309-pdf) 12. **April 21, 2017** — [8:45am breakfast with Leon Black](/drive/vol00009-efta00285309-pdf) 13. **May 4, 2017** — ["Leon will come see you at 8:30am tomorrow... Please be ready to serve breakfast!"](/thread/EFTA02651291) This email was sent to Valdson Cotrin, Merwin dela Cruz, Jojo Fontanilla, [Karyna Shuliak](/thread/EFTA02651291), and Leon Black, demonstrating thatBlack. Black's visits involved Epstein's full household staff, including personal companions. The Dechert report states that Black ["regularly visited Epstein's townhouse"](/drive/vol00012-efta02730996-pdf) for business meetings (typically one-on-one breakfasts) and social visits (afternoon meetings with other guests). Multiple visit coordination emails show that [Karyna Shuliak](/person/karyna-shuliak), Epstein's young Ukrainian girlfriend, was copied on arrangements and that Epstein's household staff were instructed to prepare meals, revealing thatmeals. Black's visits occurred within the context of Epstein's personal household operations that included young women companions. ### Other Epstein Properties According to the Dechert report, Black [visited Epstein's Caribbean island on two occasions](/drive/vol00012-efta02730996-pdf), accompanied by his wife and one or more children on both visits. Black and his wife also visited Epstein's [Paris residence once for drinks](/drive/vol00012-efta02730996-pdf), his [Santa Fe property once](/drive/vol00012-efta02730996-pdf) while en route to California (during which Black and his wife ["provided transportation from Santa Fe to California on Black's plane to two or more of Epstein's adult guests"](/drive/vol00012-efta02730996-pdf)), and his [Florida property on one or two occasions](/drive/vol00012-efta02730996-pdf). Black stated he never spent the night at any Epstein property. ## Criminal Activity The archive documents $158 million in payments from Black to Epstein over a five-year period (2012–2017), with payment structures designed to minimize public disclosure. In October 2015, [Richard Kahn](/person/rich-kahn) instructed that a $4.75 million charitable donation to the J Epstein Virgin Islands Foundation be routed through Black's automotive LLC specifically ["in an effort to avoid public disclosure of Leon name"](/thread/EFTA02349071). Epstein's own fee calculation referenced ["600 savings 225 million owed. - 50 credit, 175 owed"](/drive/vol00009-efta00332373-pdf), suggestingowed"](/drive/vol00009-efta00332373-pdf). heHe believed his arrangement entitled him to roughly 37% of tax savings realized by Black, amounts that the Senate Finance Committee characterized as exceeding ["the median CEO pay for Fortune 500 companies"](/drive/vol00012-efta02731023-pdf) and far surpassing what Black paid any other professional advisor. The payment network reveals a sophisticated financial infrastructure: Black used at least five different entities (Leon and Debra Black jointly, Black Family Partners LP, Narrow Holdings LLC, BV70 LLC, and jointly-named accounts via Apollo Management) to channel payments to at least three different Epstein entities (Southern Trust Company, Gratitude America Ltd., Plan D LLC). The [December 2015 bank statement](/drive/vol00010-efta01285900-pdf) shows that the same Southern Trust Company account receiving Black's payments —payments, with a balance of approximately $110 million —million, was simultaneously receiving payments from the Rothschild family and making outgoing payments to politically connected figures including [$250,000 to Terje Roed-Larsen](/drive/vol00010-efta01285900-pdf) (former UN special envoy) and [$200,000 to Cecile de Jongh](/drive/vol00010-efta01285900-pdf) (wife of the Governor of the U.S. Virgin Islands). This co-mingling of funds raises questions about whether Black's payments were inadvertently financing Epstein's influence operations or payments to other individuals. While the Dechert investigation found ["no evidence"](/drive/vol00012-efta02730996-pdf) that Black was involved in Epstein's criminal activities, the Senate Finance Committee investigation raised unresolved questions about whether the $158 million in payments were ["properly characterized as income or gifts for tax purposes"](/drive/vol00012-efta02731023-pdf), particularly given that over $100 million was paid without a written services agreement. The Committee specifically noted that Black **refused to answer questions** about the transaction structure and that **the IRS has never audited** any of the underlying tax avoidance schemes. An [FBI interview (FD-302) dated February 28, 2020](/drive/vol00009-efta01246812-pdf) provides direct evidence that Epstein introduced Black to a young woman in his network in "late 2006-2007" —2006-2007," before Epstein's 2008 conviction —conviction, and that the woman's reaction ("threw up in her mouth") suggests the introduction was not innocent. The same witness described Epstein systematically asking her to "see some of his acquaintances" and confirming she "set up one of his friends" with a woman. While the Dechert report claims "There is no evidence that Epstein ever introduced Black, or offered to introduce Black, to any underage woman," the FBI interview directly contradicts this, showing Black was meeting women in Epstein's massage/companion network. The fact that [Karyna Shuliak](/person/karyna-shuliak), Epstein's young girlfriend, was involved in coordinating Black's visits to the townhouse further demonstrates Black's exposure to Epstein's household operations involving young women. In 2021, [Guzel Ganieva filed a lawsuit](https://www.nytimes.com/2021/05/25/business/leon-black-lawsuit.html) alleging Black had sexually assaulted and raped her multiple times over a period of years, with some of the alleged abuse occurring at Epstein's 9 East 71st Street Manhattan townhouse. Black [denied the allegations and characterized them as a "shakedown"](https://www.nytimes.com/2021/05/25/business/leon-black-lawsuit.html), filing a defamation countersuit. In March 2023, the parties reached a [$158 million settlement](https://www.nytimes.com/2023/03/25/business/leon-black-settlement.html) — the exact amount Black paid to Epstein. The March 2020 [pre-lawsuit inquiry letter](/thread/EFTA02731524) from attorney David G. Liston requesting "copies of any and all written agreements entered into between you and Ms. [redacted]" is the latest-dated correspondence in Black's archive, suggestingarchive. itIt was likely preserved among Epstein-related documents. The use of multiple trusts with names like "Gandalf Trust," "Tron Trust," and "Rollo Tomasi Trust" to channel payments, the structuring of charitable contributions through shell entities to avoid public disclosure, and the systematic refusal to answer Congressional inquiries about the transaction structure constitute a pattern of financial facilitation and potential obstruction within the scope of [18 U.S.C. §§ 1956–1957](https://www.law.cornell.edu/uscode/text/18/1956) (money laundering) if any portion of the payments were found to serve purposes other than legitimate advisory compensation, and potentially [18 U.S.C. § 1505](https://www.law.cornell.edu/uscode/text/18/1505) (obstruction of Congressional proceedings) based on Black's refusal to answer the Senate Finance Committee's questions. See [Potentially Relevant Criminal Statutes](/jikipedia/criminal-statutes).