Newly released documents from the United States Justice Department reveal the extent of Jeffrey Epstein’s involvement in the life of Wall Street billionaire Leon Black. The files detail Epstein’s connections with a young Eastern European model and the financial dealings that linked him to one of the most influential figures in global finance.
In 2010, Epstein offered guidance to a 22-year-old model trying to establish herself in New York. “It’s time you start an education,” he advised, suggesting that men would not value her opinions until she reached the age of 30. Their correspondence faded without clarity on how their relationship began or what it offered her. Not long after, she entered the sphere of Leon Black, co-founder of Apollo Global Management. He subsequently employed her as a broker for art transactions, lavishing her with over $1.7 million in cash, later categorized as gifts.
During an IRS audit, this model turned to Epstein for assistance in navigating the complexities of her financial documentation, including an inquiry into her relationship with Black. Epstein later claimed credit for shielding Black from scrutiny, stating, “He has been kept safe to date ONLY as a result of my maniacal devotion to friends,” in communication with Black’s lawyer, Brad Karp.
The documents, part of the largest release yet by the Justice Department, illustrate Epstein’s expansive role in Black’s financial and personal affairs. Beyond mere estate planning, Epstein orchestrated family portraits, assisted with Black’s extensive art collection, and even delved into his investment in the prestigious publishing house Phaidon.
When another woman, Guzel Ganieva, sought $100 million from Black in 2015, Epstein facilitated meetings between them and suggested surveillance of Ganieva. During a lunch at the renowned restaurant Le Bernardin, Black attempted to negotiate with her while warning that public accusations could lead to serious consequences.
These revelations are part of a broader narrative that highlights Epstein’s entanglement with prominent financial figures. Black, who resigned as Apollo’s CEO in 2021, faced scrutiny as documents unfolded detailing Epstein’s deep involvement in his affairs. While Black has acknowledged seeking Epstein’s advice on estate and tax matters, the newly released communications reveal a much more intricate relationship.
Representatives for Black declined to comment on the matter. A lawyer for the model noted that she was merely a bystander in these events, emphasizing that any connection to Epstein has negatively impacted her reputation, despite her not being one of Epstein’s victims.
In the days following media inquiries, the Justice Department removed many identifying documents linked to the model from its website, leaving only redacted versions. Bloomberg, which retained copies of the original documents, is investigating the reasons behind these redactions. The Justice Department has not commented on the removal of the references.
The Epstein files not only reveal explicit and troubling details but also routine communications and transactions involving Black. After a career alongside junk-bond pioneer Michael Milken, Black founded Apollo and became a formidable force in Wall Street investing. His influence earned him positions on the boards of prestigious institutions, including Dartmouth College and the Museum of Modern Art.
Epstein fostered a close relationship with Black, often engaging with his family and managing financial strategies. Their exchanges ranged from mundane discussions to intense negotiations over taxes and investments. Emails indicate Epstein’s involvement in managing Black’s art holdings and strategizing on financial ventures, including plans for expanding Phaidon’s reach.
Despite Epstein’s claims of being a close advisor, Apollo spokespersons assert that neither Marc Rowan nor other executives maintained a personal or business relationship with Epstein, despite his attempts to cultivate one.
The public interest surrounding Epstein intensified following his arrest in 2019 for sex trafficking and his subsequent death in custody. For Black, this scrutiny is exposing issues previously kept out of the public eye.
Epstein’s criminal history included a guilty plea in 2008 for state charges related to procuring a minor for prostitution. By April 2009, he was attempting to guide the young model’s life in New York, critiquing her aspirations and offering financial assistance, including travel and accommodation.
Their communications ceased in May 2010 after Epstein accused her of violating his trust. Subsequently, Black’s financial support for her continued and was later classified as gifts, with financial records revealing payments exceeding $600,000 in a single year.
As she transitioned into an art broker, Black collaborated with her, particularly as Phaidon expanded its influence in the art market. Black’s acquisition of Phaidon in 2012 and its subsequent growth were characterized as efforts to democratize art access. However, documentation suggests Epstein envisioned a more expansive role for the brand across various industries.
While Epstein’s involvement in Black’s financial matters appears to have been extensive, the complexities of their dealings often left Epstein feeling sidelined. He expressed frustration over Black’s management of Phaidon and demanded a more significant share of the savings he believed he was generating through his advice.
In 2016, a senior executive at Phaidon facilitated Black’s investment in a start-up known as Artace, with Epstein playing a role in guiding the model-turned-art broker’s participation. During an IRS audit of her finances, Epstein intervened to help navigate the scrutiny on her relationship with Black.
Throughout these developments, Epstein maintained a commanding presence in Black’s life, even as Black enlisted various professionals to manage his dealings discreetly. The fallout from Epstein’s actions continues to reverberate, highlighting the intricate web of relationships that intertwined high finance with personal entanglements.
As Black faces ongoing scrutiny, the implications of his association with Epstein raise significant questions about accountability and the hidden dynamics of power within elite financial circles.
