WASHINGTON (Reuters) – The U.S. Senate’s Finance Committee announced on Tuesday that they are currently investigating private equity billionaire Leon Black’s financial connections to the late financier Jeffrey Epstein, who was disgraced, and stated that the probe has brought to light “serious tax issues.”
In a statement released on Tuesday, the panel said, “The investigation has uncovered serious tax issues and other concerns with trusts and structures Black executed to avoid over $1 billion in future gift and estate taxes.” This investigation was initiated in June 2022.
The Senate panel expressed surprise at the “inexplicably large” amount of $158 million in payments made by Black to Epstein between 2012 and 2017 for financial advice. They noted that Epstein was not a licensed tax attorney or a certified public accountant, raising questions about the legitimacy of these payments.
The panel also alleged that Black has refused to provide any information or documentation demonstrating how Epstein’s compensation for tax and estate planning services was determined or justified.
A spokesperson for Black responded by stating that the billionaire has cooperated extensively with the panel’s investigation and has provided detailed information. The spokesperson also emphasized that the transactions mentioned in the committee’s letter were lawful, overseen by reputable legal firms and advisors, and all taxes owed to the government have been paid in full by Black.
Previously, Black acknowledged that he had paid Epstein for legitimate financial advisory services. Recently, it was reported by The New York Times that Black paid $62.5 million to the U.S. Virgin Islands in order to avoid any legal claims related to an investigation into Epstein and sex trafficking.
According to Forbes magazine, Black’s net worth is estimated at $10.1 billion. He resigned from Apollo Global Management, the private equity firm he co-founded, in 2021.
Jeffrey Epstein, a registered sex offender who had notable associations with former presidents Donald Trump and Bill Clinton, died by suicide in 2019 while awaiting trial on charges of sex trafficking.
(Reporting by Kanishka Singh in Washington; editing by Jonathan Oatis)
Credit: The Star : News Feed
![[English - 100% Original] - Titan of the Senate : Orrin Hatch and the Once and by William Doyle (US edition, hardcover)](data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==)
