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By Hannah Parry
Associate News Editor
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Billionaire investor Leon Black has walked out in the middle of his closed-door testimony about his relationship with convicted sex offender Jeffrey Epstein, in front of the House Committee on Oversight and Government Reform on Friday.
The former Apollo Global Management CEO had refused to answer questions about non-disclosure agreements (NDAs), which prompted Committee Chairman Rep. James Comer, of Kentucky, to announce he was issuing two subpoenas to Black, “one for all the NDAs that he is party to, and second for a deposition on July 16.”
Black had agreed to appear voluntarily at Friday's testimony but Comer, a Republican, insisted that the NDAs were "vital to our investigation."
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He told reporters after the hearing, on Friday, “We want to know, was Jeffrey Epstein involved in the NDAs? … Was he involved in awarding [of] funds to the women for the NDAs? What was the reason for the NDAs?”
Rep. Robert Garcia, the top Democrat on the panel, said he supported the subpoena.
Black's attorney, Susan Estrich, has slammed the move as "nothing more than a planned political stunt."
"Mr. Black came here voluntarily to assist the committee. They made a premeditated political decision to serve him with subpoenas," she said in a statement after the hearing. "After less than an hour of questioning and before they even asked a single question about his legitimate payments to Epstein.
"Mr. Epstein had no involvement with any NDAs, whether they exist or not," she added.
Black said he "never abused any woman," "never engaged in any sex trafficking," and "never paid Jeffrey Epstein for sex, access to women, or any illegal activity." He said he didn't become aware of Epstein's crimes and "nefarious activity" until 2019, saying, “I knew Jekyll. I didn’t know Hyde." He also maintained that Epstein "duped and deceived" him, describing the late financier as a man with a hidden "demonic life."
“I don’t understand why people — including members of this committee — would accept baseless speculation about me without regard to the facts and spin such ugly and vicious narratives that are demonstrably false,” Black said in his opening statement.
The testimony comes as House investigators continue a sweeping review of the federal government's handling of the Epstein investigation and the network of wealthy and influential individuals connected to the convicted sex offender. Lawmakers have sought testimony from several high-profile figures in recent months as part of that inquiry. Black is among the highest-profile business leaders to testify.
Black's prepared remarks seek to address years of scrutiny over his financial relationship with Epstein, which became public in 2021 after an independent review commissioned by Apollo Global Management found that Black paid Epstein approximately $158 million between 2012 and 2017 for tax, estate planning and philanthropic advice. Black stepped down as Apollo's chief executive following the disclosure, while maintaining that the payments were for legitimate professional services.
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Read Leon Black's Opening Statement
Black's full prepared opening statement was released ahead of his testimony before the House Oversight Committee. In the document, he repeatedly denies any criminal wrongdoing or knowledge of Epstein's sexual abuse, writing that he regrets maintaining a relationship with Epstein after his 2008 conviction but believed at the time that Epstein had served his sentence and had been rehabilitated.
Who Is Leon Black?
Leon Black is an American billionaire investor and private equity executive best known as the co-founder of Apollo Global Management, one of the world's largest alternative asset management firms. He served as Apollo's chief executive officer until 2021, when he stepped down following scrutiny surrounding his relationship with Epstein.
Before founding Apollo in 1990, Black worked at Drexel Burnham Lambert, where he specialized in leveraged buyouts and corporate finance.
What Is Leon Black's Net Worth?
According to Forbes' real-time billionaire rankings, Leon Black's fortune is estimated at roughly $13 billion, making him one of the wealthiest figures in private equity. His wealth stems largely from his ownership stake in Apollo Global Management and other investments accumulated over decades in finance.
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What Is Leon Black's History With Jeffrey Epstein?
Black has acknowledged knowing Epstein socially since the 1990s and later hiring him as a financial adviser after Epstein's 2008 conviction.
An independent review commissioned by Apollo concluded that Black paid Epstein approximately $158 million between 2012 and 2017 for tax planning, estate planning, philanthropy and other financial services. Black has consistently maintained that those payments were for legitimate advice and has denied they were connected to any criminal activity.
However, their relationship deteriorated, and Black said that in 2018, he'd fired Epstein "after growing tired of his relentless pursuit of more and more money from me for professional services, his mistruths and misrepresentations...and his failure to repay most of a $30 million demand loan that I had made to him."
His relationship with Epstein prompted widespread criticism because the payments continued years after Epstein had pleaded guilty in Florida to charges involving the solicitation of a minor. The controversy ultimately led to Black's departure from Apollo in 2021.
Black has also faced civil lawsuits alleging sexual misconduct, which he has denied. None of the lawsuits was successful. He has not been criminally charged in connection with Epstein's crimes.
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"I wish I had never met Epstein," he said in his opening remarks at the hearing. "I regret ever doing business with him. My association with him, the frivolous but destructive litigation, the endless rumor mill, have created a toxic environment for my wife and family, which I deeply regret.
"I will not add to that toxic environment today. I am here to voluntarily answer questions about the work that Epstein did for me and for the services for which I paid him. I am not here to answer questions about my personal life which would be hurtful to my wife, children and family."
What Is Leon Black's Relationship to Donald Trump?
There is no evidence that Black has a close relationship with President Donald Trump.
Black has donated to candidates from both major political parties over the years. His appearance before the House Oversight Committee is part of a broader congressional investigation into individuals connected to Epstein and is not based on any publicly identified relationship with Trump.
The committee has interviewed or sought testimony from a range of high-profile figures across politics, business and philanthropy as it examines the government's handling of the Epstein investigation.
Contact Newsweek editors on this story: Gabe Whisnant and Sam Wilson.
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