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Leon Black Exits Hedge Fund Over Alleged Ties To Jeffrey

Billionaire financier Leon Black is stepping again from working Apollo International Administration, a non-public fairness agency he based within the Nineties within the wake of allegations that co-founder Jeffrey Epstein was convicted. Black has stepped in as CEO and can not be president of the agency both. Apollo co-founder Mark Rowan will turn into the brand new CEO, whereas former SEC Chairman Jay Clayton has been made Apollo’s non-executive chairman. Black stays Apollo’s largest shareholder. All this has subsided since Apollo’s announcement in January that they had been conducting an inner investigation into Epstein’s alleged ties to Black. The investigation interviewed greater than 20 individuals and produced greater than 60,000 paperwork, with no wrongdoing performed although Black paid Epstein $ 158 million within the years between 2012 and 2017.

Apollo launched an inner investigation after The New York Instances revealed a report about Black’s alleged relationship to Epstein, claiming that they usually dined and socialized collectively. Black wrote a letter to shareholders through which he expressed remorse for his relationship with Epstein. On this he stated:

“With the benefit of the pundit – and knowing everything that has come to light about Epstein’s scandalous conduct fifteen years ago – I deeply regret any involvement with him.”

Andrew Toth / Getty Photos

As beforehand talked about, Leon Black earned a fortune of $ 8 billion as a co-founder of personal fairness agency Apollo International Administration, which as we speak has greater than $ 300 billion in belongings underneath administration. Previous to leaving the publish, he served as President, CEO and Director of Apollo. He’s an avid artwork collector and president of the New York Museum of Trendy Artwork. He’s additionally a trustee of Mt. Sinai Hospital and The Asia Society.

So far as Black’s alleged relationship with Epstein is anxious, he claims that their relationship included skilled providers together with property planning, tax points, and philanthropic giving, despite the fact that these conferences occurred sometimes at Epstein’s townhouse the place late There was a major discount within the alleged intercourse trafficking of financials. .

In an effort to handle, in his phrases, the “grave error” of getting knowledgeable relationship with Epstein, Black pledged $ 200 million to the charity, which might assist survivors of sexual assault, human trafficking and home violence is.

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