Apollo Global Management hired law firm Dechert to conduct a "thorough, independent review" of Chairman and CEO Leon Black's professional relationship with financier and registered sex offender Jeffrey Epstein, according to a form filed with the Securities and Exchange Commission on Wednesday.
Apollo's board of directors on Tuesday asked its conflicts committee, made up of independent directors, to retain outside counsel to independently confirm information Mr. Black has given about his professional relationship with Mr. Epstein.
Mr. Epstein was found dead in his cell at the Metropolitan Correctional Center in New York on Aug. 10, 2019, awaiting trial on federal charges of operating a sex trafficking ring.
During Apollo's July 31, 2019, earnings call Mr. Black said Apollo did not have a business connection with Mr. Epstein. Mr. Black said Mr. Epstein was on the board of the Black Family Foundation when it was created in 1997. Mr. Epstein resigned from the board in 2007, Mr. Black said, even though foundation federal tax filings continued to list him as a director for years afterward. That discrepancy was a mistake, Mr. Black said during the call.
Mr. Epstein also provided professional services to Mr. Black's family partnership and other family entities, Mr. Black said. In addition, Mr. Black said that he donated to charitable organizations affiliated with Mr. Epstein, and Mr. Epstein donated to charities affiliated with Mr. Black.
Apollo had about $414 billion in assets under management on June 30.