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20 - ORGANIZATIONS/PRIVATE/Dechert.md
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@ -40,7 +40,7 @@ Black asked for an outside review at an October 20, 2020 meeting of Apollo's boa
Dechert reported that Black paid Epstein 158 million dollars for work from 2012 through 2017: 50 million dollars for 2013, 70 million for 2014, 30 million for 2015, nothing for 2016 amid a fee dispute, and 8 million for 2017. It found that Epstein had told Black he generally charged clients 40 million dollars a year; that his first project, resolving a flaw in a 2006 [[Grantor Retained Annuity Trust]] that exposed Black's estate to an estimated 500 million dollars or more in tax, was called a "grand slam" by outside counsel; that Black and witnesses believed Epstein's advice conferred more than one billion and as much as two billion dollars in value; and that "the compensation paid by Black to Epstein far exceeded any amounts Black paid to his other professional advisors." It also recorded that many of Epstein's ideas "did not hold up under scrutiny."[^1]
The report documented Black's separate loans of 22.5 million and 8 million dollars in early 2017 from his entity BV70 LLC to Epstein's Plan D LLC, of which Epstein repaid 10 million dollars; Black's appointment of Epstein in 1997 as an initial director of the Black Family Foundation; and a 10 million dollar donation from Black to Epstein's [[Gratitude America]] in October 2015. It found that Epstein's [[Financial Trust Company]] bought 263,257 shares in Apollo's March 2011 initial public offering through a directed-share program, that the shares passed to [[Southern Financial LLC]] and were held through at least September 2019, and that Financial Trust Company had invested in AP SHL Investors LLC and AP Technology Partners LLC, vehicles formed by Apollo executives, and alongside Black's family in [[Environmental Solutions Worldwide]]. Dechert concluded that Black's and Apollo's public statements about the relationship were substantially accurate and that it had "seen no evidence that Black or any employee of the Family Office or Apollo was involved in any way with Epstein's criminal activities."[^1]
The report documented Black's separate loans of 22.5 million and 8 million dollars in early 2017 from his entity BV70 LLC to Epstein's Plan D LLC, of which Epstein repaid 10 million dollars; Black's appointment of Epstein in 1997 as an initial director of the [[Black Family Foundation]]; and a 10 million dollar donation from Black to Epstein's [[Gratitude America]] in October 2015. It found that Epstein's [[Financial Trust Company]] bought 263,257 shares in Apollo's March 2011 initial public offering through a directed-share program, that the shares passed to [[Southern Financial LLC]] and were held through at least September 2019, and that Financial Trust Company had invested in AP SHL Investors LLC and AP Technology Partners LLC, vehicles formed by Apollo executives, and alongside Black's family in [[Environmental Solutions Worldwide]]. Dechert concluded that Black's and Apollo's public statements about the relationship were substantially accurate and that it had "seen no evidence that Black or any employee of the Family Office or Apollo was involved in any way with Epstein's criminal activities."[^1]
On the day of release Black told Apollo's limited partners that the report "confirms several important facts that were previously disclosed. Apollo did no business with Mr. Epstein," announced that he would step down as chief executive by July 2021, and disclosed that Apollo had separately engaged [[WilmerHale]] to review its reputational-risk practices.[^4]