In his testimony before a House committee, Leon Black stated that he was duped by Jeffrey Epstein, who falsely claimed that the fees Black paid for financial advisory services were tax-deductible. Black emphasized that he had no involvement in Epstein's criminal activities, asserting that he was misled by Epstein's dual personality.
He referenced the Dechert report, which concluded that he paid Epstein $158 million for legitimate tax and estate planning services, resulting in significant savings for his family office.
Black expressed regret for being deceived and acknowledged the horrific nature of Epstein's actions, stating, 'I feel terrible for Epstein's victims.' This testimony is part of a broader investigation into Epstein's connections with influential figures, and it underscores the potential reputational risks for those associated with him, including Black and Apollo Global Management