Private equity giant Apollo Global Management hired ex-SEC chief Jay Clayton, the firm announced Thursday, as it seeks to reform after the resignation of CEO Leon Black in the wake of a probe into Black’s ties to convicted sex offender Jeffrey Epstein.
In late January, law firm Dechert LLP cleared Black of any wrongdoing in connection with his professional relationship with the late convicted sex offender and financier Epstein. Dechert’s probe found Apollo never retained Epstein for any services; Epstein never invested in any Apollo-managed funds; and that Epstein only advised Black on trust and estate planning, tax issues and philanthropic endeavors.
Dechert also said that fees paid to Epstein by Black between 2012 and 2017 were for “bona fide tax, estate planning and other related services,” and the amounts were intended to be “proportional” to the value provided by Epstein, while there was no evidence that Black nor any Apollo employees were involved in any way with Epstein’s criminal activities. Black met Epstein in the late 1990s and they often socialized in the Caribbean, New York, Paris, Florida and New Mexico, the FT reported.
Read more/Source: Forbes
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