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New reports suggest that Apollo CEO Leon Black may have funneled as much as $75 million to disgraced financier Jeffrey Epstein before supposedly cutting ties in 2018.
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The initial report published by the New York Times uncovers a number of alleged payments from Black to Epstein made through several companies.
A company that owned Black’s yacht wired $22.5 million to a company in 2017 that managed Epstein’s private jet – a move that raised questions at Deutsche Bank, the report said.
Other transactions passed through Black-owned businesses, according to the report, including a company that Black used to buy much of his billion-dollar art collection. The total amount of money that Black may have funneled to Epstein is around $75 million, which may have allowed Epstein to continue building wealth following his first criminal case.
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Black owns roughly 23% of Apollo Management Group, according to a Forbes profile on the financier. He also chairs the New York Museum of Modern Art and serves as a member of the Council on Foreign Relations.
Since the initial subpoena of Black in August, Apollo's stock has steadily declined, falling from around $54 a share to around $42 a share in late September. The stock started to rally over the past couple of weeks, but these revelations may rock the stock's value again.
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Apollo accordingly moved swiftly to distance both Black and itself from Epstein’s dealings.
“Apollo never did any business with Mr. Epstein,” a spokesperson for Black said in a statement to FOX Business. “We understand that the U.S. Virgin Islands attorney general is seeking information from Mr. Black, several major banks and others as third-party witnesses in a civil probe of entities set up by Mr. Epstein in the U.S. Virgin Islands. Mr. Black intends to cooperate fully with any such inquiry.”