(WASHINGTON) -- Appearing before the House Oversight Committee Friday, private equity billionaire Leon Black said he was unaware of convicted sex offender Jeffrey Epstein's "demonic life" and that the $158 million he paid Epstein was for legitimate services and "bona fide advice," according to a copy of his opening remarks reviewed by ABC News.
The latest in a series of rich and powerful people questioned about their relationship with Epstein as part of the House Oversight panel's ongoing probe, Black maintained a social relationship with Epstein since the mid-1990s and eventually paid him more than $170 million for "tax and estate planning advice," according to the Senate Finance Committee.
Black has denied wrongdoing or knowledge of Epstein's crimes, though his financial payments to Epstein served as a lifeline to the convicted sex offender in the years after Epstein's 2008 prison sentence for soliciting a minor for prostitution.
Black's prepared remarks cast him as the victim of "ugly and vicious" narratives around Epstein, saying he has been the subject of baseless allegations and conspiracy theories about Epstein and that "extraordinary damage has been done to me and my family."
"I wish I had never met Epstein. I regret ever doing business with him. My association with him, the frivolous but destructive litigation, the endless rumor mill, have created a toxic environment for my wife and family, which I deeply regret," the prepared remarks said.
Addressing the massive amount of money he paid Epstein, Black, in his remarks, said those were legitimate payments and that he was never blackmailed by Epstein.
"Let me state unequivocally that I have never abused a woman. I have never been with an underage woman. I have never engaged in sex trafficking. I have never paid Epstein for access to women. I was never blackmailed by Epstein. I was not involved with, and had no knowledge of, any of Epstein's heinous conduct," his prepared remarks said.
According to Black, Epstein lived a "Jekyll and Hyde" existence and that he, at first, only saw the positive side, including his "unrivaled network of relationships with individuals in finance, academia, science, politics." Black, in his remarks, said his relationship with Epstein began as personal but grew overtime to helping manage his family investment office.
"With hindsight, I now see that Epstein exaggerated, embellished, manipulated, and outright lied -- prolifically and without concern for me or my family. And I now see that his deceit was not limited to me but also extended to numerous highly sophisticated individuals," Black's prepared remarks said.
While Black said that Epstein "took credit for other people's ideas" and made false claims about investments, Black also argued Epstein was able to resolve "a massive estate problem" for him that " would have destroyed enormous value." According to Black's remarks, he originally thought he was paying Epstein $95 million in net fees, though that was actually $158 million because Epstein lied about the tax deductibility of the payment.
Black also said in his prepared remarks that he was aware of Epstein's 2008 conviction for soliciting a minor for prostitution, but that Epstein lied about the nature of the crime.
"Epstein told me that it was an isolated incident resulting from a fake ID. Five years after his conviction, I gave Epstein a second chance, as did many others. I wish I had not," he said, according to his prepared remarks.
According to Black, he cut ties with Epstein in 2018 after Epstein failed to repay most of a $30 million loan. Black said he grew "tired of his relentless pursuit of more and more money from me for professional services."
While Black, according to his remarks, said that he was "glad" to answer the committee's questions, he noted that he will "not speak about the personal lives of adult women" that he believes should not be connected to Epstein.
"I am here to voluntarily answer questions about the work that Epstein did for me and for the services for which I paid him. I am not here to answer questions about my personal life which would be hurtful to my wife, children and family. And I will not speak about the personal lives of adult women who have not chosen, and do not deserve, to be connected, by me or anyone else, to Epstein," Black said, per his remarks.
"Leon Black was one of Jeffrey Epstein's primary sources of income, flooding him with cash at a time when he was already a registered sex offender. Black has not yet offered a compelling explanation regarding the origination and execution of Epstein's extraordinary compensation scheme for alleged tax advice," Sen. Ron Wyden, the ranking member of the Senate Finance Committee, wrote in a letter to the House Oversight Committee earlier this month. The Senate Finance Committee is leading its own investigation of Epstein's finances.
Black has long been scrutinized over his relationship with the disgraced financier -- describing it as a "horrible mistake" -- and was forced out of his firm Apollo Global Management following an external investigation that revealed payments to Epstein totaling at least $158 million.
"Knowing all that I have learned in the past two years about Epstein's reprehensible and despicable conduct, I deeply regret having had any involvement with him," Black said during a 2020 Apollo earnings call. "With the benefit of hindsight, working with him was a horrible mistake on my part. I am not seeking to excuse that decision, but I do believe it may be helpful to convey some relevant facts."
While the investigation concluded that Black and others were aware of Epstein's 2008 conviction, a report summarizing its findings said that Black was not "involved in any way with Epstein's criminal activities at any time" or aware of the "scope and details" of Epstein's sex trafficking. Black has never been charged with a crime.
"When Black first retained Epstein, he believed that Epstein had served his time for the originally charged offenses and believed that it was not inappropriate to give Epstein a second chance, as many other prominent figures in business, science, politics and academia had done," the report said.
The release of the Department of Justice's Epstein files earlier this year cast more scrutiny on Black, whose name appears in the files more than 8,000 times. Epstein at one point appeared to serve as a middleman to pay $100,000 to a woman with whom Black allegedly had an affair, according to emails included in the files, and routinely served as a fixer for issues involving his finances.
"Leon, as you are well aware, there is little I won't do for you or at least try to do as a friend, and a great deal that I have already done (both known and some things that will need to remain unknown)," Epstein wrote to Black in a 2014 email. In another email in 2017, Epstein described his relationship with Black as "saving you from yourself."
In a statement to ABC News, Black's attorney Susan Estrich pointed to the external investigation conducted for Apollo that found Black "had no awareness of the criminal activities that led to Epstein's arrest in 2019" and noted that Black has called for an independent investigation of his relationship with Epstein.
Wyden of the Senate Finance Committee has called on the House Oversight members to scrutinize the $170 million that Black paid Epstein between 2012 and 2017 for purported tax and estate planning. According to Wyden, those payments are sixty times more than what Epstein paid his other tax and estate professionals during the same timeframe.
"Black is a well-advised businessman with access to sophisticated attorneys, yet it appears Epstein was able to shake him down for money that he wasn't legally owed. This suggests that Epstein may have extorted Black or performed other unseemly tasks on his behalf," Wyden wrote earlier this month.
Attorneys for Black have pushed back against Wyden's accusations, accusing him of harassment and saying that the billionaire has cooperated "voluntarily and without compulsion."
"We are aware of no other private citizen subjected to more written requests from you over the same period," Black's attorneys wrote in an April 2026 letter to Wyden. "Your continued attempts to invade into matters pertaining to Mr. Black's personal life -- without the support of any legitimate legislative purpose -- appear targeted to unfairly harass Mr. Black in a manner that completely disregards the proper scope of Congress's investigative powers."
According to the 2021 external report, Epstein was paid proportionally to the amount of money he saved Black and that Epstein "provided advice that conferred more than $1 billion and as much as $2 billion or more in value to Black"; however, the report also acknowledged that Epstein's advice was often not useful and that he was "generally a disruptive and caustic force."
The external report said investigators found "no evidence suggesting that Black ever compensated Epstein for any service other than Epstein's legitimate advice on trust and estate planning" and other issues.