Who is Leon Black? Emails reveal billionaire was pressured by Jeffrey Epstein for millions in cash

New emails have surfaced revealing the spiteful relationship between Jeffrey Epstein and Leon Black, a multi-billionaire hedge fund manager who was one of his benefactors. The emails, obtained by the New York Times, showed that the sex trafficker often was “cruel” to the billionaire and had continued to squeeze tens of millions of dollars from him till 2020.

Black had employed Epstein as his financial advisor, who had offered him guidance on taxes and his art collection.

The emails sent by Epstein to Black showed that the two had a strong relationship as friends and as business associates.

Who is Leon Black?

Leon David Black, 74, is known as the co-founder of the private equity fund managing company Apollo Global Management, which manages $785 billion in assets. Black had to step down as the CEO of the company in 2021 after a board investigation found that he had paid $158 million in fees to Jeffrey Epstein. Later on, it was found that the sum was actually $170 million. His net worth is currently at $13 billion, making him the 219th richest person in the world according to Forbes.

Black still owns 7 per cent of the company shares.  He also spent $120 million in 2012 for one of four versions of Edvard Munch's painting "The Scream."

His relations with Epstein

Epstein was said to have been spiteful and “cruel” to Black in the emails.

Last year, while speaking to Puck Magazine, he spoke about Epstein’s 2008 conviction for a minor, saying, “I mean, he was with a 17-year-old prostitute, got prosecuted for it and got put away for a year,” and added, “I didn’t think it was the end of the world, frankly.”

The emails, which were sent between 2015 and 2016, through his personal assistant, showed that Epstein started a “pressure campaign” to get Black to keep sending in cash so that he could keep his lavish lifestyle going.

On November 2, 2015, Epstein wrote, “I never want to have any more uncomfortable money moments with you, I find it very distasteful.”

He continued to say, “so to be clear, my terms are as follows. I will only work for the usual 40 million per year. It needs to be paid, 25 million upon signing an agreement. 5 million every 2 months thereafter for 6 months, ie march may june. This can begin if I am able in January. I will immediately stop work if the payment is not received [sic]”

Black had continued to pay Epstein even after he was caught molesting a teenage girl and was put on a sex offenders list in 2004

By 2016, however, the billionaire became more reluctant to continue the payments according to the NYT.

Epstein had sent dozens of emails for several months in a tantrum. He also called Black’s other financial advisors team “a really dangerous mess” and a “waste of money and space.”

The registered sex offender also called Black’s children “retarded” for making a mess of his estate in November 2016.  “You have a bomb of colored string that your retarded children have formed. It has to be very carefully unwound,” he said.

After months, he emphasized that the financial dealings between them didn't make up the entirety of their relationship. “Of course re any non financial issues, I am always there for you and will continue to be the best friend I can be.” he said

The emails seemed to have worked, and Black had continued to keep his payments to Epstein, which totalled $170 million.

Black's involvement with Epstein's crimes

According to the NYT report, Epstein had also introduced young women to Black over the years, some of whom later accused him of sexual abuse. Court orders and emails showed that Epstein had advised the billionaire to pay around $9.5 million to one woman in settlements to keep it quiet.

He had also allegedly paid three women associated with the pedophile for reasons that are unknown.

Black’s lawyer, Susan Estrich, who spoke to the New York Post, claims that the he only paid Epstein “for tax and estate planning advice that saved him and his family billions of dollars.” She said, “To imply that Epstein somehow had influence over Mr. Black is false and patently absurd. Indeed, it was Mr. Black who fired Epstein because he was disruptive and believed the fees for his services were excessive.”

They maintain that Black had no knowledge of Epstein's criminal activities. “Mr. Black has never abused a woman in his life, and any such suggestion is false,” she said.

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