Leon Black

Initial Kahn-Wechsler negotiation specified $15M STC + $4.75M J Epstein VI Foundation = $19.75M total. But Leon told Wechsler 'full 19.75mm shld go to a charitable fndn.' Revised to 10+10 split: $10M to Southern Trust and $10M to J Epstein VI Foundation. Wechsler then questioned 501(c)(3) status of J Epstein VI Foundation - could not find it on federal register. Foundation had not filed 990s publicly since 2008.

Leon D. Black Foundation (EIN 20-5117734), separate from Family Foundation, also at 445 Park Ave c/o Elysium Mgmt LLC. This entity maintained steady K-.6M annual revenue from 2011-2023, almost entirely from gifts. Unlike the Family Foundation, this one continues active operations. 2021 showed spike to .6M. This is likely Black's personal arts/culture foundation (NTEE A33). The existence of TWO Black foundations at the same Elysium address creates layered grant-making capacity.

Dechert report confirms Financial Trust Company (FTC, Epstein entity) purchased 263,257 shares of Apollo Global Management stock during its March 2011 IPO via a 'directed share offering program managed by the lead broker-dealer.' These shares were later transferred to Southern Financial LLC (another Epstein entity) in 2013 and held through at least September 2019. Black did not recall this transaction when asked almost a decade later. Additionally, FTC invested in AP SHL Investors LLC (Jan 2002, 910K) and AP Technology Partners LLC (FY2000, 1.31M) -- both entities 'formed by certain Apollo executives to explore investment opportunities that Apollo chose not to pursue.' The directed share offering is significant because IPO allocations of this size require executive authorization -- yet Dechert concluded 'Apollo never did any business with Epstein.' The 263,257 shares at Apollo's IPO price of ~/share represent approximately a 5M investment.

M paid by Leon Black to Jeffrey Epstein between 2012-2017 for consulting/advisory services. Confirmed by Deveraux report commissioned by Apollo Conflicts Committee. Payments routed through Black Family Partners LP and Rothschild Trust structures.

BRH Holdings GP Ltd is a Cayman Islands exempted company owned and controlled by all three Apollo managing partners (Black, Harris, Rowan). It holds the single Class B share of Apollo Global Management LLC, which controls all voting power (79.7% post-IPO) but represents NO economic interest. BRH Holdings LP is the underlying partnership through which the founders hold their Apollo economic interests. The founders are required to file IRS Form 8865 (Return of U.S. Persons With Respect to Certain Foreign Partnerships) for BRH Holdings LP and related foreign partnerships annually. Deloitte was the auditor. The 8865 filing failure went back to at least 2007 for Harris and Rowan, and was inaccurately filed for Black from 2013-2015.

Dechert investigation confirmed the 2006 GRAT had a structural defect risking approximately $500 million in estate tax assessment. Epstein identified and solved this problem, which 'was the most valuable piece of work Epstein provided Black.' The original GRAT was established by Black's former trusts and estates attorney who had been recommended by Epstein. Both a former Family Office employee and outside counsel agreed the estate tax exposure was approximately $500 million. This was the basis for Epstein's $23.5M initial service fee (first payment $15M on Feb 15 2013, second payment $8.5M on Oct 15 2013, both to Southern Trust Company Inc).

Black Family Partners LP is the main investment vehicle for Leon Black's family wealth. As of 6/30/2013: BFP managed approx $1.95B in assets. Structure includes: Black 2006 Family Trust (71.5% interest), 1997 Black Family Trust (9.2%), Judah 2009 Trust (4.7%), LDB 2011 LLC (7.2%), Leon and Debra Black personal (7.4%). Trust income 2007-2012 from Apollo Credit Opportunity Fund: $161.7M; from BFP distributions: $195.4M. BFP extended lines of credit to Phaidon Global LLC (Black's publishing company). Epstein received detailed financial reports on all BFP activities.

Phaidon Global LLC is a publishing/media company owned by Black through his trust structures. Black Family Partners LP provided lines of credit to Phaidon Global (at least $10M line of credit established Aug 2013). Epstein was deeply involved in Phaidon's business strategy, receiving financial reports, valuations (GBP 11.2M valuation 2015), tax returns, and participating in strategic discussions about branding (expanding Phaidon name to art investments, film, insurance, media, publishing, internet). Richard Joslin (Elysium CFO) managed day-to-day. Structure: BFP lends to Phaidon Global LLC, which transmits to Phaidon Press Ltd (UK), Regan Arts LLC, and Lit Kit LLC.

The 8.5M payment (Oct 15, 2013) from Black to Southern Trust Company was the second installment under the first signed service agreement between Black and STC (dated Feb 13, 2013). Per the Dechert report: 'Although Epstein represented to Black that he generally charged clients 40 million per year for his advice, Epstein agreed to provide this initial work for 23.5 million, which was expected to be made in two installment payments occurring in 2013. Both of these payments were made to Southern Trust Company, Inc.: the first payment of 15 million was made on February 15, 2013, and the second payment of 8.5 million was made on October 15, 2013.' The 23.5M was specifically for Epstein's work on the 2006 GRAT (Grantor Retained Annuity Trust) issue. DS10 Deutsche Bank records show a M incoming transaction to STC on Oct 17, 2013 (two days after the .5M payment date) and a K STC transaction on Oct 2, 2013. The 8.5M itself likely went through JPMorgan (the primary banking relationship), not Deutsche Bank, explaining why it does not appear at full value in DS10.

Dechert investigation Exhibit A documents 21 Leon Black/Rothschild Group transactions from 10/15/2013 to 10/2/2018 totaling approximately 202M. Payments flowed through multiple Black entities (Leon/Debra personally, Black Family Partners LP, Narrows Holdings LLC, BV70 LLC) to Southern Trust Company Inc, with smaller amounts to Gratitude America Ltd and Plan D LLC. Key transactions: 10/2013 8.5M+10M; 4/2014 5M+5M; 4/2014 15M+20M (largest single batch); 10/2014 7M+13M; 10/2015 5M+5M+10M; 12/2015 10M+15M+10M; 3/2017 22.5M (BV70-to-Plan D, flagged by DB). The 10/2/2018 final transaction of 10M was from Plan D LLC to BV70 LLC (partial loan repayment). All transactions have DB-SDNY Bates numbers for full provenance chain.

Leon Black / Rothschild Group transactions documented in EFTA00027019 showing massive transfers: $40M, $50M, $5M (Black Family Partners), $10M, $25M, $45M, $58M, $65M from Leon Black through Rothschild trust structures. Transaction dates include Oct-Dec 2013 through 2015. These appear to be the consulting fee payments totaling $158M+.

Debra and Leon Black Family Foundation (EIN 13-3947890) at 445 Park Ave, c/o Elysium. Revenue pattern shows massive spike in 2014 (.1M received, .08M in gifts, .76M in grants paid) - this is the year M to Gratitude America was likely routed. 2015: .6M revenue, .1M expenses. 2019: .82M revenue, all from gifts (.815M), .81M in grants paid - last significant year. Post-2020: assets collapsed to under K, revenue near zero. The foundation was essentially a pass-through vehicle for Black donations.

Leon Black operated TWO foundations at the same 445 Park Ave address c/o Elysium: (1) Debra and Leon Black Family Foundation (EIN 13-3947890) - large pass-through grants vehicle, and (2) Leon D. Black Foundation (EIN 20-5117734) - smaller arts/culture foundation. Combined grant-making: Family Foundation paid .76M in 2014, .93M in 2015, .81M in 2019, then essentially ceased. Leon D. Black Foundation continued at K-.6M/yr through 2023. The Family Foundation was the vehicle for the M Gratitude America transfer and is now nearly depleted (K assets). The personal foundation continues. This dual structure provided layered opacity for different scales of giving.

Black Family Foundation 2014 990-PF approved $750,000 grant to Clinton Foundation and $1,500,000 to Birthright Israel Foundation for future payment. Same year foundation received $12.08M in contributions and realized $9.05M capital gains from donated securities (Ladenburg Thalman, Vector Group, Symantec, Altria, Coca-Cola, IBM, Disney, Exxon Mobil). Total grants paid: $11,760,354.

Southeast Asian Art inventory for Leon Black / Narrows as of April 30, 2014 (EFTA01919638). Document lists multiple bronze sculptures with stock numbers (E0598, E0853, EX320, etc.) with USD fair market values and costs. Art advisory was a key component of Epstein's consulting relationship with Black — Epstein recommended art consultants (e.g., George Goldner from the Met per EFTA02378751) and managed art partnership investments (Art Pshp per EFTA02509248).

Leon Black Foundation (Debra and Leon Black Family Foundation, EIN 13-3947890) donated $200K to IPI in December 2014. The foundation is managed through Elysium Management LLC at 445 Park Ave, Suite 1401, NYC. In 2014 the foundation had Revenue $12,142,003 and Expenses $11,760,858.

Origins Project at ASU (Lawrence Krauss, Director) received substantial donations from both Leon Black personally and the Leon Black Family Foundation. As of early 2019, approximately $607K in unused funds remained from Black/Foundation donations. Krauss was removed as director and program terminated. Black wrote formal letter (Dec 2014) about the Origins Project. Epstein was independently a donor (separate from Black). Joi Ito confirmed MIT was able to keep Leon Black money but had to bounce $25K from Epstein's foundation back to ASU.

Leon Black charities commitment list prepared Dec 23, 2014 (EFTA02371754) documents charitable giving directed/advised by Epstein. Recipients include: Dartmouth Visual Arts Center, Dartmouth President's House Renovation, North Shore LIJ, World Jewish Congress, Rockefeller University. This list was prepared by Rich Joslin (Elysium CFO) and sent to Epstein, confirming Epstein's advisory role in Black's philanthropy.

ATHENE $41.6M CAPITAL CALL -- BLACK FAMILY PARTNERS CASH FLOW CRISIS: EFTA02371750 (BFP LP cash flow projection, Dec 23 2014, prepared by Richard Joslin) shows the Athene capital call of $41,600,000 as the single largest disbursement. Joslin separately emailed Epstein (EFTA02388715, Nov 24 2014): 'All the asset raising in BFP LP can be distributed -- the Athene $40MM payment looks to be a 2016 event.' This reveals: (1) The Athene investment was held through BFP LP (Black Family Partners LP), not through BRH Holdings directly. (2) The capital call was so massive it dominated cash flow projections, with projected cash going negative by May 2015 at -$1.9M. (3) Joslin was communicating Athene investment details directly to Epstein, who asked 'which entity is the athene investment in?' (EFTA02361533, Apr 10, 2015). (4) Epstein separately asked Richard Kahn: 'can you give me the details of the athene investment on the books' (EFTA02453418, Sep 1, 2016). The Athene investment was central to Epstein's proposed 25% fee (Jan 2016): 'if there is a 300 overall benefit, then each founder would pay 25m.' The $41.6M BFP Athene commitment explains why Black was willing to pay Epstein millions for tax optimization of the Athene merger.

Leon Black donated $10M to Gratitude America (EIN 66-0789697) in 2015. Gratitude America controlled by Epstein associates (Richard Kahn). 2015 filing shows Revenue $4,598,706 and Expenses $5,119,699. This was an Epstein-controlled conduit for charitable disbursements.

Jeffrey Epstein served as VP and Secretary of the Leon Black Family Foundation from approximately 2010-2012, POST-CONVICTION (Epstein convicted in 2008 FL plea deal). This role gave Epstein direct fiduciary authority over Black Foundation charitable disbursements during this period.

LittleSis confirms $158M transaction between Leon Black and Jeffrey Epstein (2012-2017). Also documents transaction with Government of the Virgin Islands (likely USVI AG investigation/settlement) and Origins Project. LittleSis entity ID 8302 shows 50+ political donations (2017-2020) primarily to Republican candidates: McConnell $5,600, Tom Cotton $7,800, Lindsey Graham $6,600, Maxine Waters $5,600 (bipartisan), plus Private Equity Growth Capital Council PAC $5,000. 36 board/trustee positions including: Apollo Global Management (Co-Founder/Senior Partner since 1990), MoMA Trustee, Met Museum Trustee, Dartmouth Trustee, Lincoln Center Trustee, Asia Society Trustee, Mt Sinai Board Member, Drexel Burnham Lambert (1977-1990).

Two separate ProPublica-registered Black foundations exist: (1) Debra And Leon Black Family Foundation (EIN 13-3947890, c/o Elysium, 445 Park Ave 1401, NYC, ruling date 1998, NTEE T20Z). Revenue peaked at $12.1M (2014), $4.6M (2015), $3.8M (2019), then collapsed to nearly zero by 2023 ($1 revenue, $3,680 expenses, $85K assets). (2) Leon D Black Foundation (EIN 20-5117734, same Elysium address, ruling date 2007, NTEE A33 arts). Steady $650K-$1.6M revenue annually. The Debra and Leon Black Family Foundation's dramatic revenue collapse post-Epstein scandal suggests restructuring to distance from controversy.

Epstein functioned as a meeting broker and social gatekeeper for Black. Documents show Epstein arranging Black's meeting with 'Sergey' (EFTA00334966: 'Can you ask Sergey to come see Jeffrey at 2pm on Thursday please' in context of 'Sergey/Leon Black' subject line, Nov 2015). Epstein also invited Black to gatherings that included other high-profile contacts: email to Ruemmler lists attendees as 'thiel, summers, bill burns, gordon brown, jagland, mongolia pres, leon black, woody' (Sep 2014). Meeting with Josh Harris also scheduled alongside Black (Feb 2014).

Black Family Foundation 2019 board includes Apollo Global Management executives: John Hannan (Director, c/o Apollo Global Management) and Barry Cohen (Director/Treasurer, c/o Apollo Global Management). Also includes Bradley J Wechsler (Secretary, Elysium Management - Black's family office). Family members: Leon D Black (President/Director, 0.50 hrs/wk), Debra R Black (VP/Director/Treasurer/Secretary, 0.50 hrs/wk), Benjamin E Black, Joshua M Black, Victoria R Black, Alexander S Black (all Directors). Books kept at Elysium MGT LLC, 445 Park Ave No 1401 NYC.

Extremely frequent in-person meetings between Epstein and Black documented in DOJ Vol 11. Calendar entries show breakfasts, lunches, and appointments multiple times per month from at least 2010 through June 2019. Meetings at Epstein's NYC townhouse (9 E 71st) and at Leon's Apollo office (9 West 57th Street, 43rd Floor). Black met with Epstein POST-2ND-ARREST: meetings continued through at least November 2016 in Paris-NY, with Black visiting Epstein at his home. Also documented: gift-giving (birthday reminders for Black July 31, $2000 gift card for Melanie Spinella), and Epstein taking Black to 2nd floor of his residence.

Elysium Management LLC (445 Park Avenue, Suite 1401, NYC) is Leon Black's family office. Key personnel: Richard Joslin (CFO), Brad Wechsler (CEO), Eileen Alexanderson (Black Family Partners LP), Barry J. Cohen (President and Special Counsel), Melanie Spinella (Executive Assistant to Black at Apollo), Heather Gray, Ada Clapp, John Castrucci, Larry Delson (attorney). Epstein was deeply embedded in family office operations, receiving tax returns, financial reports, art valuations, and trust documents.

DANY (Manhattan DA) investigated Leon Black regarding trafficking allegations. Multiple victims identified: (1) Victim instructed to massage Black at Epstein's NYC residence circa 2011-2012; Black initiated sexual contact; victim ran out; Epstein laughed when she complained. (2) At least 2 additional victims investigated by DANY (calls with Jeanne M. Christensen, partner at Wigdor LLP, who represented victims). DANY ultimately closed investigation as to Black. SDNY also involved (US v. Black case documents). Senate Finance Committee (Sen. Wyden) investigated Black-Epstein relationship; received memorandum from Paul Weiss on Black's behalf.

All three Apollo founders (Black, Harris, Rowan) failed to file IRS Form 8865 for their interests in BRH Holdings LP, a Cayman Islands partnership through which they hold Apollo ownership interests. Epstein discovered in Aug 2016 that: (1) he had filed 8865 for Leon since 2013 but they were inaccurate; (2) Harris and Rowan had NEVER filed, creating open statutes of limitation. Epstein discussed with Brad Karp (Paul Weiss) — Karp said 'First I have heard of this.' Epstein proposed filing 3 or 6 years back under IRS delinquent international disclosure program. By Sep 29 2016, Apollo's Suzanne Wong coordinated with Deloitte to complete historical 8865 data back to 2007 by end of October. Epstein wrote 'nuts. he needs to replace wechsler, joslin, castrucci. its WAAAYY overdue. paralized him.'

Doe v. Black (1:23-cv-06418, SDNY) is an active sexual assault lawsuit filed July 25, 2023, assigned to Judge Jessica G. L. Clarke. The case is a diversity personal injury action under 28 USC 1332 and remains pending as of Feb 2026. An appeal was filed to the Second Circuit (25-564) on March 11, 2025. This is separate from Black v. Ganieva (1:21-cv-08824, SDNY), the RICO case Black himself filed against Guzel Ganieva. The Doe v. Black case demonstrates that despite the Dechert report's finding of 'no evidence that Epstein ever introduced Black, or offered to introduce Black, to any underage woman,' civil litigation alleging sexual misconduct continues against Black in connection with the Epstein network.

DOE V. BLACK (SDNY 1:23-cv-06418): A civil suit filed July 25, 2023 by 'Doe' against Leon Black in the Southern District of New York, assigned to Judge Jessica G.L. Clarke. Nature of suit: 360 (Personal Injury: Other). Cause: 28:1332pi (Diversity-Personal Injury). The case remains unterminated as of Feb 2026. This is a personal injury claim under diversity jurisdiction, consistent with sexual abuse allegations. Separately, Black v. Ganieva (SDNY 1:21-cv-08824, filed Oct 28, 2021) is a RICO suit filed BY Black against Guzel Ganieva, who had publicly accused Black of sexual assault and subsequently alleged extortion by Ganieva. The case went to the Second Circuit (filed Jul 14, 2022). These two cases represent the direct litigation fallout from the Epstein association -- the first an assault claim against Black, the second Black's attempt to counter-sue his accuser.

Leon Black personally has ZERO lobbying filings as a client in Senate LDA records. All lobbying was conducted through Apollo Global Management. The Leon Black Foundation also has zero filings. This means despite 158M+ in Epstein consulting fees and extensive political connections, Black maintained no personal lobbying registration separate from Apollo.

Glenn Dubin forwarded Bloomberg article to Epstein about Leon Black's tax reform dilemma (Dec 2017). Dubin appears to have been sharing Wall Street intelligence with Epstein about Black. The article discussed how the new tax regime could affect private equity firms like Apollo. This shows Dubin-Epstein-Black triangular intelligence sharing.

Apollo board convened Conflicts Committee and commissioned Deveraux report to investigate Black-Epstein relationship after October 2020 news coverage. Apollo 8-K filed Jan 25, 2021 (EFTA, SEC filing 000119312521016405) addresses Black-Epstein matter. Black stepped down as CEO of Apollo in March 2021 but remained as Chairman. SEC EDGAR shows 217 results for 'leon black epstein' across filings. Apollo (CIK 1411494) is now Apollo Asset Management Inc, incorporated in DE, SIC 6282 (Investment Advice), based at 9 West 57th Street, 42nd Floor, NYC.

CLAT (Charitable Lead Annuity Trust) estate planning structure used by Leon Black, with remainder flowing to Heritage Trust and Leon Black Family Foundation. Diagram (EFTA02726259) shows 2-step estate plan: Step 1: Estate Assets -> CLAT -> Annuity -> Leon Black Family Foundation, with Remainder to Heritage Trust. Step 2: Note Payable + Cash flow through CLAT structure. Epstein appears to have been advising on estate/tax planning, which was a core claimed justification for the $158M in consulting fees.

LMSBAND co-occurrence analysis reveals key individuals appearing alongside Leon Black in documents: Jeanne M. Christensen (Wigdor LLP partner, victim attorney, 21 files), Stewart Oldfield (19 files), Paul Morris (18 files), Caroline Kitidis (10 files), Dario (10 files), Larry Summers (12 files), Rich Kahn (12 files), Lesley Groff (16 files). The heavy Christensen presence confirms extensive DANY/victim litigation paperwork. Larry Summers co-appearance in 12 files confirms Summers and Black shared the Epstein advisory/social network.