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Apollo Global CEO Paid Sex Predator Jeffrey Epstein $158 Million for Financial Advice

(CNBC) Apollo Global Management CEO Leon Black paid child sex predator Jeffrey Epstein $158 million for financial advice from 2012 through 2017, despite knowing Epstein pleaded guilty to sexually abusing an underage girl in 2008, a probe by a law firm retained by Apollo has found.

Those newly disclosed payments are a whopping three times more than the minimum of $50 million in payments Black was reported in October to have made to the controversial money manager Epstein during that time frame.

But Apollo also said that the investigation by the law firm Dechert found no wrongdoing by Black or by the investment company.

However, Black said he will retire as CEO by the end of July.

Black said he will remain as chairman of the firm he co-founded with Marc Rowan, who will become CEO.

Black said that he had decided that “one way I can begin to address the grievous error” of having a professional relationship with Epstein was to pledge $200 million toward gender-equality initiatives, and supporting survivors of domestic violence, sexual assault and human trafficking.

That large amount of money is just a small fraction of the value of Epstein’s advice in Black’s mind…

Apollo previously has said that Black cut ties with Epstein, a former friend of Presidents Donald Trump and Bill Clinton, by 2018 over a “fee dispute.”

[Read more…]

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