The Dechert report, which was commissioned by the board of Apollo Global Management to investigate its then C.E.O. Leon Black’s ties to Jeffrey Epstein, credits Epstein with providing “advice that conferred more than $1 billion and as much as $2 billion or more in value to Black.” This enormous savings was presented, at least in part, as justification for the fact that Black paid Epstein $158 million.
Yet it now seems that at least some of the considerable tax savings that Epstein was said to have achieved on behalf of Black’s heirs could wind up becoming millions or more in liabilities.
