New book uncovers Leon Black's extensive financial ties to Jeffrey Epstein

In "Money to Burn," former investment banker William D. Cohan chronicles Leon Black’s ascent from Drexel Burnham Lambert alumnus to billionaire founder of Apollo Global Management, while exposing his decades-long association with Jeffrey Epstein. Epstein, a convicted sex offender, allegedly provided tax and family-office advice to Black for a sum Dechert estimated at $158 million, raising questions about the propriety of the payments.

The narrative also follows former model Guzel Ganieva, who accused Black of harassment, coercion and later rape, leading to a $21 million settlement that collapsed amid further legal battles. These controversies coincided with Black’s announcement of a succession plan and his eventual resignation as Apollo’s chairman, though he remains its largest shareholder. Dechert’s review found no direct link between Black or Apollo and Epstein’s criminal conduct, but the revelations have sparked scrutiny of governance practices in private-equity firms.