Do Apollo's Ties To Jeffrey Epstein Run Deeper Than Leon Black?

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by Tyler Durden
Wednesday, Jan 27, 2021 - 12:53 PM

By now, most people know that Leon Black has stepped down as CEO of Apollo Global Management after ties to paedophile Jeffrey Epstein, including paying the late Epstein $158 million for "tax advice". We documented the details of Black's departure in this piece, out earlier this week.

Now the question becomes: how deep does the rabbit hole continue to go?

Edwin Dorsey, founder of The Bear Cave newsletter, posted an epic Tweet thread (you can follow Dorsey here) back in December 2020 that - if accurate - shows that more Epstein-related bombs could soon be going off.

"John J. Hannan, Apollo’s cofounder and senior partner, donated $166k to Epstein in 1999. Hannan also replaced Epstein on the Black Foundation Board in 2013," he notes.

Dorsey also notes: "Marc Rowan, another Apollo co-founder that worked at Drexel in the 1980s, met with Epstein in his townhouse in 2015."

Further, he points out that "one of Epstein’s defense attorneys, Gerald Lefcourt, also represented Drexel. Yet another tie between the two entities."

He also notes that Epstein appears to have hired Black's key employees from Drexel over the years:

Beller's name also shows up in a subpoena:

Dorsey concludes: "If Harry Beller, Epstein’s longtime notary/accountant, worked closely with Black, Rowan, or Hannan this would take the story to a whole new level. My guess is there is much more that has not been reported yet."

But thanks to Dorsey's digging, there may very well be more on the way.

Recall, the announcement of Black's departure came as Apollo revealed the conclusion of a review by law firm Dechert into Black’s relationship with Epstein, which reportedly "cleared" Black and Apollo of any "involvement in criminal activities" with Epstein.

“I have advised the Apollo board that I will retire as C.E.O. on or before my 70th birthday in July and remain as chairman,” Black said in a statement.

Over the past year and a half, Apollo CEO and founder Leon Black had been caught in a web of allegations that he was "too close" to Epstein after it emerged Black had paid Epstein $158 million after he was released from jail.

And while Black published a letter in which he admitted that "it was a terrible mistake" to associated with Epstein and "like many people I respected, I decided to give Epstein a second chance," Black said last October, it wasn't nearly enough as some asset managers froze their new capital allocations to Apollo. It eventually prompted Apollo to hire Dechert to conduct an "independent review" of Black's dealings with Epstein to clear Black's - and Apollo's - name.

Among the key findings of the Dechert report:

  • Apollo never retained Epstein for any services and Epstein never invested in any Apollo-managed funds
  • Dechert found no evidence that Black was involved in any way with Epstein’s criminal activities at any time

Black “believed, and witnesses generally agreed, that Epstein provided advice that conferred more than $1 billion and as much as $2 billion or more” in tax savings, the report states, which - needless to say - is ridiculous for a person who was already surrounded by the biggest tax experts on earth who also happened to be Black's employees.