Apollo CEO Black says he regrets ties to Epstein, denies any wrongdoing

In this news, we discuss the Apollo CEO Black says he regrets ties to Epstein, denies any wrongdoing.

(Reuters) – Apollo Global Management Inc CEO Leon Black told the buyout firm’s investors on Monday that he regretted having had ties to the late financier and convicted sex offender Jeffrey Epstein, but denied any wrongdoing or improper conduct related to his business and social relationship with Epstein.

Black wrote to the company’s investors after the New York Times reported on Monday that he wired Epstein between $ 50 million and $ 75 million as early as 2008.

Reuters could not determine how long Black continued to transfer money. Epstein, who was indicted by federal sex trafficking prosecutors last year, committed suicide in his New York jail cell in August 2019, ahead of his trial.

While Black’s business ties to Epstein were already known, the Times story described previously unreported payments, as well as socialization between the two financiers.

“I was completely unaware of and continued to be appalled by the reprehensible conduct that surfaced in late 2018 that led to the federal criminal charges against Mr. Epstein,” Black wrote to Apollo fund investors in a letter. seen by Reuters. .

An Apollo spokeswoman said Black had acted in a personal capacity and the private equity firm had done no business with Epstein. Apollo shares fell 5.7% on Monday to close at $ 43.90.

Black said in the letter that Epstein provides “professional services” to his family partnership and related family entities, involving estate planning, tax advice and philanthropy.

Black also said he met Epstein from time to time in his New York townhouse and also donated money to charities he did not identify that were affiliated with the deceased. financial.

Federal prosecutors and lawyers have sued Epstein’s estate for more than $ 630 million to seek compensation for young women and girls he allegedly assaulted and trafficked.

In January, U.S. Virgin Islands Attorney General Denise George took legal action against the estate, seeking claims on behalf of the victims he raped and trafficked on a private Caribbean island.

Black said in the letter that he intended to cooperate with the U.S. Virgin Islands investigation and any other investigations.

Reporting by Lawrence Delevingne in Boston and Chibuike Oguh in New York; Edited by Matthew Lewis

Original © Thomson Reuters

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