The billionaire investor paid Jeffrey Epstein $158 million for tax and estate planning services. Lawmakers want to know if the fees should have been taxed as a gift.
A Senate panel is investigating billionaire Apollo Global Management co-founder Leon Black’s $158 million in payments to the late, disgraced financier Jeffrey Epstein, it revealed in a letter to the private equity scion on Tuesday.
The Senate Finance Committee is looking into whether billionaire investor Leon Black’s $158 million payment to disgraced financier Jeffrey Epstein was part of a greater strategy to avoid paying over $1 billion in federal gift and estate taxes.
The Senate panel said that a reported $158M of payments in several installments from 2012 to 2017 by Black to Epstein for financial advice seemed “inexplicably large.”