UPDATE: New emails obtained by the New York Times reveal shocking details about private equity titan Leon Black and his controversial relationship with convicted sex offender Jeffrey Epstein. This investigation uncovers how Epstein influenced Black, facilitating significant art deals aimed at tax avoidance.
The investigation confirms that Black made payments totaling approximately $170 million to Epstein, purportedly for tax and estate planning advice. However, these newly revealed emails indicate Epstein’s influence extended beyond professional boundaries, including involvement in concealing Black’s extramarital affair with Russian former model Guzel Ganieva, who later accused Black of assault—a claim he denies.
The documents illustrate how Epstein played a role in structuring payments to Ganieva, totaling nearly $10 million, disguised as loans to maintain secrecy about their relationship. Additionally, Epstein was reportedly tasked with evaluating the tax implications of these payments, further entwining their financial dealings.
In one striking email, Epstein leveraged connections to secure a loan for Black’s $120 million acquisition of Edvard Munch’s iconic painting, “The Scream”. Black’s representatives insist Epstein was not involved in that purchase, highlighting the tumultuous and intertwined nature of their relationship over more than two decades.
Democratic Senator Ron Wyden, a vocal critic, stated, “This report raises questions as to whether there was more at play in the relationship between these two men, potentially including blackmail.” Wyden, a leading member of the Senate Finance Committee, has called for a thorough investigation into Black’s payments to Epstein, which he claims have not been adequately audited.
In response to the investigation, Black’s attorney, Susan Estrich, reiterated that all payments were legitimate and necessary for tax and estate planning, asserting that Black had no knowledge of Epstein’s criminal activities at the time. Estrich dismissed suggestions of undue influence as “false and patently absurd,” noting that Black ended ties with Epstein over perceived excessive fees.
Black’s connections to Epstein have long attracted scrutiny, leading to his resignation as CEO of Apollo Global Management in January 2021 and his departure as chairman of MoMA later that year amid public outcry. Despite stepping down, he remains a trustee at the renowned museum.
The ongoing fallout from this investigation is likely to intensify scrutiny on Black’s role at MoMA and his financial dealings. As public pressure mounts, the implications of these revelations could have lasting effects on both his career and the institutions he is connected to.
Officials are now closely monitoring the situation, with more developments expected in the coming days. This story continues to evolve, raising critical questions about accountability and the influence of powerful figures within the art and financial worlds.
Stay tuned for further updates as this urgent story unfolds.
