Former Apollo CEO Claims Epstein Defrauded Him of Over $60 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jun 26 2026
0mins
Source: CNBC
- Fraud Allegations: Former Apollo Global Management CEO Leon Black testified before Congress that notorious sex offender Jeffrey Epstein defrauded him of over $60 million in management fees, revealing a complex trust dynamic between them.
- Misleading Personality: Black noted that Epstein's Jekyll-and-Hyde personality misled him in financial decisions, which not only affected his personal wealth but could also have long-term repercussions on Apollo's reputation.
- Congressional Investigation: Black is set to face further questioning by the House Oversight and Government Reform Committee, which is investigating Epstein's ties to many wealthy and influential individuals, potentially triggering broader legal and ethical scrutiny.
- Industry Impact: This incident may have far-reaching implications for the investment management industry, particularly regarding trust and transparency, prompting a reevaluation of client relationships and due diligence practices within the sector.
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Analyst Views on APO
Wall Street analysts forecast APO stock price to rise
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 122.170
Low
136.00
Averages
164.45
High
182.00
Current: 122.170
Low
136.00
Averages
164.45
High
182.00
About APO
Apollo Global Management, Inc. is a global alternative asset manager and a retirement services provider. It operates through three segments: Asset Management, Retirement Services and Principal Investing. The Asset Management segment focuses on three investing strategies: yield, hybrid, and equity. These strategies reflect the range of investment capabilities across its platform based on relative risk and return. The Retirement Services business is conducted by Athene Holding Ltd (Athene), a financial services company that specializes in issuing, reinsuring, and acquiring retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. Athene product lines include annuities and funding agreements. The Principal Investing segment includes realized performance fee income, realized investment income from its balance sheet investments, and certain allocable expenses related to corporate functions supporting the entire company.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Misleading Personality: Black noted that Epstein's Jekyll-and-Hyde personality misled him in financial decisions, which not only affected his personal wealth but could also have long-term repercussions on Apollo's reputation.
- Congressional Investigation: Black is set to face further questioning by the House Oversight and Government Reform Committee, which is investigating Epstein's ties to many wealthy and influential individuals, potentially triggering broader legal and ethical scrutiny.
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- AI Safety Institute Established: The U.K. has launched the AI Safety Institute to aid policymakers and businesses in understanding AI risks and adopting the technology safely, reflecting a growing recognition of the potential dangers posed by AI.
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- Need for Innovative Regulatory Tools: Rathi emphasized that market authorities must develop new tools and collaborative approaches to address rapidly evolving technologies, ensuring market integrity while facilitating the adoption of innovations.
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- Restructuring Proposal: The latest proposal from London & Valley Water (L&VW) includes writing down £9.4 billion of Thames' debt and injecting £3.35 billion in equity, while also providing an initial £3.25 billion debt facility that could rise to £6.55 billion, aimed at ensuring the company's operational continuity.
- Regulatory Challenges: The Environment Secretary has expressed concerns over the current rescue package, deeming it insufficient for consumers and the environment, which could lead to Thames Water being placed under a Special Administration Regime, increasing the risk of financial burden on the government.
- Call for Public Control: Andy Burnham advocates for greater public control over water companies, potentially pushing for the nationalization of Thames Water, which would significantly impact its creditors and could lead to legal disputes.
See More
Athene Appoints New Head for Japan Operations
- Executive Appointment: Athene has announced the appointment of Larik Hall as Senior Vice President and Head of Japan, tasked with driving the growth strategy for retirement solutions in Japan, indicating the company's commitment to this key market.
- Market Potential: Japan, as a crucial retirement market, faces challenges from an aging population and increasing demand for long-term retirement security, and Hall's leadership is expected to enhance Athene's business expansion in this complex environment.
- Extensive Experience: Hall brings over 30 years of leadership experience in the retirement industry, including more than a decade in the Japanese market, having previously served as Managing Director at Goldman Sachs Ayco, providing him with valuable industry insights and expertise.
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See More
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- Market Potential: Japan is a crucial retirement market characterized by an aging population and increasing demand for long-term retirement security, and Athene aims to leverage Hall's extensive experience to enhance its local footprint.
- Reinsurance Achievements: Since 2020, Athene has completed over $20 billion in asset reinsurance transactions with Japanese insurers, helping them manage risk more effectively and innovate in service delivery, underscoring its leadership position in the market.
- Financial Strength: As of March 31, 2026, Athene boasts total assets of $448 billion, and with Apollo's asset management capabilities, the company is well-positioned to meet Japan's growing demand for long-term capital and safe yield solutions.
See More
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- Fraud Allegations: Former Apollo Global Management CEO Leon Black testified before Congress that notorious sex offender Jeffrey Epstein defrauded him of over $60 million in management fees, revealing a complex trust dynamic between them.
- Misleading Personality: Black noted that Epstein's Jekyll-and-Hyde personality misled him in financial decisions, which not only affected his personal wealth but could also have long-term repercussions on Apollo's reputation.
- Congressional Investigation: Black is set to face further questioning by the House Oversight and Government Reform Committee, which is investigating Epstein's ties to many wealthy and influential individuals, potentially triggering broader legal and ethical scrutiny.
- Industry Impact: This incident may have far-reaching implications for the investment management industry, particularly regarding trust and transparency, prompting a reevaluation of client relationships and due diligence practices within the sector.
See More
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- Withdrawal Limits Imposed: ASIF has capped withdrawals at 5%, the customary threshold for such funds, aimed at protecting liquidity and stabilizing investor confidence amid rising requests.
- High-Net-Worth Investor Behavior: Redemption requests from U.S. high-net-worth individuals represented only 2.4% of shares and declined by 35% from the prior quarter, indicating sustained interest in alternative investments among this key shareholder segment.
- Investment Performance: Since its inception in 2022, ASIF's Class I shares have generated an annualized total return of 10.27%, representing a 187-basis-point premium over broadly syndicated bank loans, demonstrating the effectiveness of its investment strategy.
See More
