Former Apollo Global Management CEO Leon Black has claimed that convicted sex offender Jeffrey Epstein deceived him into paying more than $60 million in financial advisory fees by falsely presenting the payments as tax-deductible.

The statement came ahead of Black’s scheduled interview before a U.S. House committee investigating Epstein’s relationships with prominent and influential figures.

Black Denies Any Involvement in Epstein’s Crimes

In prepared testimony submitted to the House Oversight and Government Reform Committee, Black strongly denied any connection to Epstein’s sex-trafficking activities.

Black stated that he never paid Epstein for access to women and rejected allegations suggesting any involvement in sexual misconduct.

“I have never abused a woman. I have never been with an underage woman. I have never engaged in sex trafficking. I have never paid Epstein for access to women,” Black said in his prepared remarks.

He further stated that he was never blackmailed by Epstein and claimed he had no knowledge of Epstein’s criminal activities while maintaining their professional relationship.

“I Knew Jekyll, I Didn’t Know Hyde”

Describing his relationship with Epstein, Black said he had known him for years before entering any financial arrangement.

Using the phrase “I knew Jekyll. I didn’t know Hyde,” Black argued that Epstein projected two completely different identities — one publicly respected and another hidden from view.

According to Black, he first met Epstein in the mid-1990s when Epstein served on the board of Rockefeller University and moved within networks of well-known political, financial, and academic figures.

Black said he maintained a relationship with Epstein for 18 years before paying him for professional services.

$158 Million in Payments and Tax Advice

Black referenced findings from the 2021 Dechert investigation, an independent review conducted to examine the financial relationship between the two.

According to Black’s testimony, the report concluded that he paid Epstein approximately $158 million for financial advisory services.

Black said the services included:

Tax planning
Estate planning
Insurance structuring
Trust advisory work

He argued that the report found the work generated substantial financial benefits and had been reviewed by established legal and accounting professionals.

However, Black claimed Epstein convinced him that advisory payments effectively cost less because they would be tax-deductible.

According to Black, Epstein described the arrangement as “60-cent dollars,” meaning Black believed the real after-tax cost of payments would be significantly lower.

Black now claims that representation was false.

He stated that what he believed amounted to roughly $95 million in effective net payments ultimately totaled the full $158 million.

House Investigation Continues

Black’s appearance comes as the House Oversight Committee continues examining Epstein’s network and relationships with high-profile individuals.

Committee Chairman James Comer described Black’s interview as potentially one of the most significant depositions conducted during the investigation.

The committee’s broader review remains focused on understanding the extent of Epstein’s connections and whether any financial or personal relationships overlapped with criminal conduct.

Looking Back

Black acknowledged that public understanding of Epstein changed dramatically after federal charges emerged in 2019.

“With the benefit of hindsight, I now know, as does the world, that Epstein was engaged in horrific, sordid activities,” Black said.

He concluded by expressing sympathy for Epstein’s victims while maintaining that his own relationship with Epstein was limited to financial advisory work.

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