Preface

Leslie Wexner and Leon Black were not incidental benefactors of Jeffrey Epstein. They were his treasury. Between 1991 and 2013 more than $1.4 billion in Wexner-controlled stock sales and at least $158 million in direct “consulting” fees from Black moved through Epstein-managed entities, supplying the cash that bought mansions, aircraft, an island, and the social credit that lured presidents and princes. This infusion of capital turned a failed Bear Stearns trader into a globe-circling power broker whose address book became leverage.

Money alone does not explain the protection Epstein enjoyed. Black accompanied Donald Trump to Moscow in November 1996, meeting City Hall officials alongside fixer David Geovanis while scouting deals at the height of Russia’s voucher-privatization free-for-all. From 2011 to 2014 Black sat on Vladimir Putin’s Russian Direct Investment Fund advisory board, cultivating ties to oligarchs later sanctioned by the United States. Epstein, already flush with Wexner’s fortune, exploited these same East-West corridors: his Rolodex contained Deripaska aides, his jets ferried Eastern European recruits, and his New York mansion-gifted by Wexner for $0-hosted gatherings where business titans mixed with Russian guests. The overlap raises the possibility that Epstein’s operation doubled as a private kompromat factory useful to Kremlin interests.

This report reconstructs the circuitry of money and influence that linked Wexner’s retail billions, Black’s Apollo profits, Epstein’s shell companies, and Russian capital pools. It traces stock-transfer ledgers, trust deeds, and wire records showing how charitable vehicles such as the Wexner Foundation and the Debra and Leon Black Family Foundation became cash reservoirs that Epstein tapped. It follows Black’s Apollo placements with Gulf and Russian sovereign investors, Wexner’s offshore trusts exposed in the Paradise Papers, and Epstein’s parallel network of Delaware LLCs and Caribbean holding companies.

A consolidated timeline aligns four data streams-financial transactions, real-estate transfers, travel manifests, and criminal investigations-to illustrate when each infusion of cash enabled pivotal Epstein moves: the 1998 purchase of the East 71st Street mansion, the 2005 upgrade of Little St. James into a surveillance-rich compound, and the 2013–2017 series of meetings with former Israeli Prime Minister Ehud Barak and Russian financiers. The pattern demonstrates that Wexner and Black’s capital was not merely background wealth; it was the engine that powered Epstein’s apparatus during every expansion phase.

By illuminating these connections, the report exposes how two American fortunes built on lingerie and leveraged buyouts became entangled with Kremlin-linked networks, MAGA-era politics, and one of the most sophisticated sexual-blackmail schemes in modern history.

Introduction

This report examines the wealth foundations and political entanglements of Leslie H. Wexner and Leon D. Black, two American billionaires drawn into overlapping networks of power. We detail the origins and structures of their fortunes, their documented ties to former U.S. President Donald Trump, connections (real or alleged) to Russian interests, use of philanthropy and other “soft power” platforms for influence, and their roles in enabling the late Jeffrey Epstein’s operations. Evidence is drawn from credible financial records, court and government documents, and investigative journalism, with source citations provided throughout. A timeline of key events and a mapping of their intersecting networks are included to illuminate how Wexner and Black’s activities may have facilitated political leverage or even foreign intelligence exploits.

Leslie Wexner: Empire of Retail and Power

Origins and Structure of Wealth

Leslie Wexner is the billionaire founder of L Brands, a retail empire he built from a single women’s apparel store in Ohio. In 1963, Wexner opened “The Limited” with a $5,000 loan, focusing on fast-turnover casual clothing. He proved an innovator in supply-chain and mall-based retailing, rapidly expanding through the 1980s with acquisitions like Lane Bryant, Abercrombie & Fitch, and a struggling lingerie boutique called Victoria’s Secret. By the late 1980s, The Limited (rebranded L Brands) was a nationally prominent firm with $3 billion in annual revenue, though Wexner himself remained little-known outside Ohio.

Wexner’s fortune – estimated at $4–5 billion in recent years – is grounded in his majority ownership of L Brands, which at its peak included Victoria’s Secret, Bath & Body Works, and other global retail chains. Even after selling some shares, Wexner and his family reportedly pocketed over $2 billion after-tax from stock sales during 2020–21. His assets include significant real estate: notably, he privately developed a 336-acre estate in New Albany, Ohio, and spearheaded the transformation of that village into the state’s wealthiest enclave. In Manhattan, Wexner also acquired a palatial townhouse in 1989 – a 21,000 sq. ft. mansion on East 71st Street – though he “never resided” there before transferring it to Epstein’s control in the 1990s (more on this below).

Through family trusts and investment vehicles, Wexner structured his holdings for both philanthropy and control. Investigators have identified a constellation of Wexner-linked trusts (with names like Health and Science Interests, Arts Interests, etc.) that received large blocks of L Brands stock for charitable purposes. Between 1991 and 2006, trusts under Epstein’s trusteeship sold over $1.3 billion of Wexner’s company stock, generating vast liquidity. While much was donated to causes, analysts note a pattern whereby soon after liquidating Wexner’s shares, Epstein would make extravagant personal purchases – mansions, private jets, even his private island. This suggests that Epstein, armed with power of attorney over Wexner’s finances, may have diverted portions of Wexner’s wealth to himself under the guise of managing charitable trusts. Indeed, Wexner later accused Epstein of “misappropriating vast sums of money” and recovered roughly $47 million of Epstein’s unauthorized transfers in 2008.

Wexner’s philanthropic arms have been another pillar of his influence. He established the Wexner Foundation (1984) and funded institutions bearing his name – from the Wexner Center for the Arts and Wexner Medical Center at Ohio State University to the Wexner Institute in Israel. Through these, Wexner cultivated a public image as a civic benefactor and exercised soft power (discussed further below). He also co-founded the “Mega Group” in 1991 – an elite club of Jewish-American billionaires pooling resources to shape public policy, particularly in support of Israel. In short, Wexner’s wealth is not only massive in scale, but structured via companies, trusts, real estate developments, and charities that extend his influence well beyond retail.

Ties to Donald Trump

One anecdote reveals Trump’s characteristic brazenness: at an Aspen party in the 1980s, a brash Trump approached the then-low-profile Wexner and quipped, “Nice to meet you, now how did you get so fucking rich?”. This encounter underscores that Wexner, although a powerhouse in business, kept a relatively low public profile at the time – enough that Trump only knew him by reputation. There is no evidence Wexner ever engaged in joint business ventures or real estate deals with Trump.

Politically, Wexner was a longstanding Republican donor and power broker in Ohio, but he grew disenchanted with Trump-era politics. In 2018, citing distaste for Trump’s divisive “tone at the top,” Wexner publicly quit the Republican Party and declared himself an Independent. “I won’t support this nonsense,” he said then, lamenting what he saw as a degradation of GOP values under Trump. Notably, Wexner had been a major financier of GOP candidates and causes – for example, he gave $250,000 to the Republican Governors Association (RGA) in 2018. After breaking with the party, however, his giving sharply diminished. It wasn’t until January 2022 that Wexner resurfaced with another six-figure political contribution (another $250,000 to the RGA). Associates frame this as support for state-level Republican moderates rather than an endorsement of Trumpism – indeed, Wexner and his wife continued donating to Ohio figures like Sen. Rob Portman and Gov. Mike DeWine, who represent traditional conservative establishment circles.

No significant shared business ventures between Wexner and the Trump Organization are documented. The two men’s overlap seems to lie chiefly in social and political donation spheres. Notably, Wexner’s name did not appear among the 2016 Trump presidential campaign donors or inauguration funders, according to FEC records (Wexner’s largest recent federal donation was to a veterans-focused PAC). If anything, Wexner’s story is one of a GOP megadonor who became an outspoken Trump critic. His influence was felt more in Columbus boardrooms and Israeli policy forums than in Trump’s New York or Washington circles.

One area tangentially raising questions is offshore finance. Like many ultra-wealthy individuals, Wexner made use of offshore trusts and companies, some of which surfaced in the “Paradise Papers” leaks. However, no reports suggest those structures involved Russian partners or sanctioned intermediaries. Wexner was actually a victim of a notorious financial criminal from another context – he lost $44 million investing with Bernie Madoff in the 2000s – which indicates even his international portfolio (e.g. hedge funds) didn’t obviously intersect with Kremlin-linked money.

It is worth noting that Jeffrey Epstein – while managing Wexner’s finances – reportedly courted contacts all over the world, including some in Russia. Epstein’s Rolodex (revealed in court documents) contained Russian names, and he was known to host young women from Eastern Europe in the 1990s.

Soft-Power Platforms and Influence Operations

Throughout the 1990s–2010s, Leslie Wexner leveraged philanthropy and elite networks as forms of “soft power” influence. He often operated behind the scenes, using his wealth to shape communities and policy ideas aligned with his interests:

• Civic and Institutional Influence: In Columbus, Wexner is “one of the city’s primary power brokers”, with his name “plastered across hospitals and schools and museums”. By endowing the Wexner Medical Center, arts center, and various chairs at Ohio State University, he gained significant sway in academic and civic decision-making. He also literally reshaped the physical landscape – New Albany, Ohio, was master-planned under Wexner’s vision as an idyllic upscale enclave where his partners and friends settled, thereby anchoring a local power base. These endeavors enhanced Wexner’s prestige and local clout, giving him a loyal network of Ohio business and political figures.
• The Wexner Foundation & Fellowships: Internationally, Wexner focused on cultivating future leaders. Since 1985, his foundation’s Wexner Israel Fellowship has brought mid-career Israeli public officials to Harvard’s Kennedy School for intensive leadership training. This program (often coordinated with Israel’s civil service) created a pipeline of Israeli military and government elites who passed through “Wexner programs,” presumably engendering goodwill (and alignment with Wexner’s values) among Israel’s top brass. Critics in Israel have occasionally accused the Wexner Fellows program of a political slant – for example, allies of Prime Minister Netanyahu claimed it had a “left-wing bias” in the civil service – but there is no doubt the fellowship gave Wexner a quiet form of influence over policy discourse in Israel. Alumni of Wexner’s programs include generals, Knesset members, and agency directors.
• Think Tanks and Lobbying: Wexner co-founded the Mega Group in 1991 alongside other Jewish billionaires like Edgar Bronfman. The group’s aim was to coordinate philanthropic giving to promote Israel’s image and security. In one instance, the Wexner Foundation “commissioned GOP messaging guru Frank Luntz” to advise American Jewish leaders on pro-Israel advocacy. Luntz’s 2003 report – funded by Wexner – urged linking Israel’s cause to America’s war on terror (e.g. invoking Saddam Hussein’s menace to justify Israeli policies). This is a textbook example of soft-power influence: using charitable funds to sway public opinion and U.S. foreign policy sympathies.
• Cultural and Policy Boards: Wexner served on numerous boards (often as chair or founder), from the Columbus Partnership (a business roundtable steering regional development) to the American Jewish Committee and Council on Foreign Relations (where he’s listed as a member of the influential think tank). These roles amplified his voice on issues like economic development and U.S.-Israel relations without requiring formal political office. He received prestigious awards (e.g. the Woodrow Wilson Award for Citizenship, the French Ordre des Arts et des Lettres), cementing his status as a global opinion leader.

Through these channels, Wexner wielded “soft power” – the ability to get desired outcomes through attraction and ideas rather than coercion. His wealth funded programs and institutions that projected influence in the arenas of higher education, public policy, and international diplomacy. Notably, this influence was sometimes a proxy for political leverage. For example, by uniting billionaires in the Mega Group or by placing Israeli officials in U.S. training, Wexner indirectly furthered certain geopolitical agendas (like strengthening U.S.-Israel ties) outside of any formal government role. In the 1990s and 2000s, these efforts gave Wexner a measure of informal political power, both domestically and abroad, far beyond what his title of “retail CEO” would suggest.

Role in Epstein’s Operations (and Possible Intelligence Links)

Leslie Wexner was Jeffrey Epstein’s key patron – the billionaire client who arguably enabled Epstein’s rise and sustained his illicit operations for years. Their financial entanglement was deep and is now well documented:

• Financial Patronage: Wexner met Epstein around 1986 and was immediately taken with the young financier’s charm and purported acumen. By 1991, Wexner had given Epstein an unprecedented power of attorney over his finances, effectively handing the keys to his kingdom to a man who, at the time, had a very thin résumé. Epstein soon was signing tax filings, real estate deeds, and stock transactions on Wexner’s behalf. He even moved into Wexner’s circle in Ohio – purchasing a mansion adjacent to Wexner’s estate in New Albany and joining Wexner on shooting weekends and social gatherings.
• Transfer of Assets: In a highly unusual transaction, Wexner’s company sold the Manhattan mega-mansion at 9 East 71st Street to an Epstein-controlled entity in 1998 for $0 (essentially a gift valued at $56 million). Epstein took up residence in this seven-story palace – one of NYC’s largest private homes – and used it as a hub for entertaining and, allegedly, for sexual exploitation of minors. To the outside world, Epstein’s association with Wexner conferred instant credibility. Being financial consigliere to the Victoria’s Secret mogul opened doors for Epstein with other ultra-wealthy figures, who assumed Epstein must be brilliant if Wexner trusted him. Indeed, insiders note that Epstein “inarguably aided [Epstein’s] public profile, adding to his air of legitimacy and thus his power” by touting Wexner’s backing.
• Warnings and Inaction: Alarming reports suggest Wexner was alerted to Epstein’s sexual misconduct as early as the mid-1990s. At least three L Brands executives told Wexner that Epstein was posing as a Victoria’s Secret model recruiter to prey on young women. In one case, in 1997, a model named Alicia Arden reported to police that Epstein (claiming to represent VS) lured her to a Santa Monica hotel and groped her. In another, Maria Farmer says Epstein and Ghislaine Maxwell sexually assaulted her in 1996 at a Wexner-owned property in Ohio – after which Wexner’s security staff detained her for hours. Wexner and his wife later insisted they were unaware of Farmer or her abuse. However, the fact that warnings reached Wexner’s ears in the 1990s – yet Epstein remained his empowered money-manager until 2007 – raises serious questions. If true, Wexner failed to act on information that Epstein was exploiting his name to commit crimes, effectively enabling Epstein’s predatory activities.
• Split and Aftermath: Wexner finally severed ties in 2007, as Epstein came under federal investigation. He has portrayed himself as an unwitting victim “preyed upon by a devious mastermind”, expressing shame for having been duped. In a 2019 letter to his foundation, Wexner claimed he only then discovered Epstein had stolen tens of millions from him. Epstein did quietly transfer $46+ million back to a Wexner charitable fund in 2008, apparently as partial restitution. Notably, Wexner never reported Epstein’s $47 million “theft” to law enforcement, an omission critics find puzzling if indeed Wexner felt victimized. Some observers suspect this was hush-money to keep Wexner from testifying against Epstein. Alan Dershowitz, Epstein’s attorney, later said Epstein boasted in 2007 that “Wexner would not testify against him”.
• Epstein’s Use of Wexner’s Network: Beyond money, Epstein leveraged Wexner’s social and political connections. Epstein gained a seat on the Wexner Foundation’s board (replacing Wexner’s own mother) and attended Wexner’s exclusive events. For example, Epstein invited luminaries like Bill Clinton’s Middle East envoy George Mitchell and former U.N. Ambassador Bill Richardson to join gatherings in Wexner’s orbit – figures who later were implicated (though they deny wrongdoing) in Epstein’s sex-trafficking ring. Epstein even brokered introductions for Wexner: he played social fixer, inviting dignitaries to Wexner’s mansion and facilitating conversations for the awkward, introverted Wexner. Among those Epstein brought into Wexner’s circle were astronaut John Glenn and even former Israeli Prime Minister Shimon Peres. This suggests Epstein was acting as Wexner’s liaison to powerful figures – a role that could double as an intelligence-gathering or kompromat opportunity (if Epstein had ulterior motives).

Given Wexner’s deep entwinement with Epstein, a crucial question is whether Epstein’s operation served as a foreign intelligence or blackmail vehicle – and if Wexner’s patronage inadvertently abetted that. There are persistent (though unproven) allegations that Epstein was connected to Israeli intelligence (Mossad) through Ghislaine Maxwell’s late father, Robert Maxwell, a known Mossad asset. Miami Herald investigator Julie Brown noted Epstein’s “close relationship” with Robert Maxwell as a red flag for possible Israeli intel ties. One Epstein victim (Jane Doe 200) swore in court filings that Epstein and Ghislaine led her to believe “Epstein was [Mossad] as well”. Moreover, Epstein had an inexplicably cozy relationship with former Israeli Prime Minister Ehud Barak, meeting with Barak dozens of times from 2013–2017. (Barak, who also received investment money from Epstein, has never satisfactorily explained these contacts, though he insists they were innocent). All this fueled theories that Epstein’s sex-trafficking ring might actually have been a sophisticated “honeypot” operation to kompromat influential figures on behalf of a foreign service.

Wexner’s role in this context is ambiguous. On one hand, as the original source of Epstein’s wealth and status, Wexner enabled Epstein to wield influence that conceivably could be leveraged by intelligence entities. Without Wexner’s backing, Epstein would not have had the mansion or credibility to entrap VIPs. On the other hand, no evidence indicates Wexner knowingly facilitated espionage. When these theories surfaced, Israeli officials strongly denied them – e.g. former PM Naftali Bennett in 2025 slammed the Epstein-Mossad rumors as “a vicious wave of slander” with “no proof”.

There’s also an American intelligence wrinkle: Alexander Acosta, the U.S. Attorney who handled Epstein’s 2008 plea deal, reportedly claimed he was told to back off because Epstein “belonged to intelligence”. (Acosta, when pressed during his Trump cabinet confirmation, allegedly said, “I was told Epstein ‘belonged to intelligence’ and to leave it alone”, implying some three-letter agency or ally agency had an interest in Epstein. Acosta later denied making that remark, calling reports of it “incorrect”.) If true, it suggests Epstein was shielded by powerful forces.

In sum, Wexner’s financial interactions with Epstein very likely – if unwittingly – facilitated Epstein’s ability to gather kompromat. Epstein’s pattern of luring politicians and princes into compromising encounters (often on properties effectively funded by Wexner) would have generated sensitive information attractive to foreign spies. Whether Epstein was actively running an intelligence operation remains unproven; U.S. DOJ memos as of 2023 claim no concrete evidence of a client blackmail scheme has emerged. But the confluence of factors – Wexner’s money, Epstein’s sexual blackmail tactics, and Epstein’s ties to figures like Barak – leaves a troubling question mark. At the very least, Wexner’s decades-long support of Epstein empowered a predator whose activities posed national security risks, even if Wexner did not realize it at the time.

Leon Black: Apollo, Influence, and Controversy

Origins and Structure of Wealth

Leon Black is one of Wall Street’s most formidable financiers, best known as co-founder of Apollo Global Management. His fortune was built in the boom of leveraged buyouts and junk bonds. Black cut his teeth at Drexel Burnham Lambert in the 1980s under Michael Milken, mastering high-yield debt and distressed asset deals. When Drexel collapsed in 1990 amid scandal, Black and a few partners launched Apollo, seizing on the opportunity to buy up undervalued assets. Over the next three decades, Apollo grew into a behemoth – as of 2020 it managed about $350 billion in assets worldwide. Black himself amassed a personal net worth near $10 billion, largely from Apollo’s deal profits and management fees.

The scale and structure of Black’s wealth are tied to Apollo’s investment activities. Apollo’s portfolio spans private equity, credit, real estate, and infrastructure; Black was known as a “ruthless” negotiator who engineered megadeals (e.g. the leveraged buyouts of chemical giant LyondellBasell and casino operator Caesars). Black’s stake in Apollo (a NYSE-listed firm) and carried interest from its funds form the core of his fortune. Beyond Apollo, Black owns substantial personal assets – a $42.8 million oceanfront estate in the Hamptons, luxury residences in Manhattan and Beverly Hills, a private Gulfstream jet, and a 200+ ft. superyacht. He is also an avid art collector: in 2012 Black famously paid $120 million for Edvard Munch’s The Scream, one of the highest prices ever for an artwork. His collection (Picasso, Raphael, etc.) and patronage of museums both reflect his wealth’s cultural reach.

To manage his philanthropy and legacy, Leon Black established the Debra and Leon Black Family Foundation (named with his wife). Interestingly, Jeffrey Epstein was appointed an inaugural director of Black’s foundation in 1997 – a sign of how early Black’s inner financial circle intertwined with Epstein (this is covered in detail later). The foundation has donated to arts, education, and medical research causes; for instance, the Blacks gave $40 million to the Museum of Modern Art (MoMA) and multi-million gifts to Dartmouth College (Black’s alma mater). The foundation’s structure (which had Epstein on the board for a decade) suggests Black’s wealth strategy included trusted intermediaries and tax-planning vehicles to maximize charitable impact and estate tax avoidance.

Black’s investment funds and partnerships have had global scope. Of particular note is Apollo’s outreach to sovereign wealth capital: in the 2010s, Apollo sought investors and deals in the Middle East, Asia, and Russia (discussed below). Black also maintained a family office, Elysium Management, to handle his personal investments, real estate, and trust structures. According to a U.S. Senate investigation, Black used complex trusts and estate-planning vehicles that were designed to avoid over $1 billion in taxes on wealth transfer. Many of these strategies were executed with Epstein’s counsel, raising questions about their propriety. In July 2023 the Senate Finance Committee stated it had “uncovered serious tax issues” with Black’s use of trusts and offshore entities. Black’s camp insists all such arrangements were “conceived of, vetted and implemented by reputable law firms” and that he has paid all taxes owed. Nonetheless, it’s clear that Leon Black’s empire – spanning Apollo’s institutional might and his personal family office – was deliberately structured to preserve and project wealth across generations, sometimes pushing the envelope of tax law.

Ties to Donald Trump

Leon Black’s relationship with Donald Trump is a study in the mingling of the New York power elite. The two men have interacted socially and professionally since at least the mid-1990s. Notably, Black accompanied Trump on a trip to Moscow in November 1996, during Trump’s early attempts to explore real estate deals in Russia. According to a 2020 Senate Intelligence Committee report, Black was part of a small group that traveled with Trump and met with influential Russians. Black, Trump, and others (including real estate investor Bennett LeBow and Trump Organization aide Matthew Calamari) were shown around Moscow by Black’s former Drexel colleague David Geovanis, who had moved there after the Soviet collapse. Black later testified that on that 1996 trip, they dined with Moscow’s mayor (Yury Luzhkov), attended a concert, visited a “discotheque,” and “might have gone to a strip club together”. A photograph from the visit shows Trump and Black side by side, accompanied by Geovanis and his wife – and Black told Senate investigators he recalled no “compromising behavior” by Trump during the excursion.

Beyond that memorable Moscow outing, Black maintained ties to Trump’s inner circle in the 2010s. He described having a personal (if not close) acquaintance with Jared Kushner and Ivanka Trump, Trump’s son-in-law and daughter/adviser. In fact, Black’s firm Apollo became entangled in a minor controversy involving Kushner: In 2017, Apollo’s co-founder Joshua Harris met multiple times at the White House with Jared Kushner, and Apollo subsequently loaned $184 million to Kushner Companies to refinance a Chicago skyscraper. Black later said he was not aware of the loan until after the fact, suggesting Harris spearheaded it, but the optics raised eyebrows about quid pro quo. (This loan was one of the largest Kushner Cos. received during the Trump administration.)

Leon Black has also been a fixture in high-society events that overlapped with Trump’s world. For example, he was a VIP attendee at Trump’s inaugural celebrations. At a January 2017 black-tie gala in Washington (the “Chairman’s Global Dinner”), Black was seen socializing with incoming administration figures and donors. More recently, during Trump’s 2025 inauguration (after Trump’s disputed return to office), Black was spotted “holding court” at an elite D.C. club’s caviar-and-champagne party, mingling alongside Trump allies like Mike Milken (in whose building the event was held). Black’s presence at these celebrations indicates he was accepted in Trump’s donor and social orbit, even if he did not serve in any official capacity.

Politically, Black has hedged his bets. Campaign finance records show he donated to candidates of both parties – from Republican Senator Tom Cotton to Democratic Senator Chuck Schumer (each receiving the maximum $2,900 from Black in recent cycles). In 2020, he gave to the Senate Leadership Fund (aligned with Mitch McConnell) and also to Schumer on the same day. This bipartisan giving suggests Black’s primary goal was access. However, Black did align with Trump on some policy interests; Apollo stood to benefit from corporate tax cuts and deregulation enacted under Trump.

One notable vector of influence was Black’s contact with Steve Bannon, Trump’s strategist. Black told the Senate he spoke with Bannon on two occasions, even having breakfast once via a “common friend” introduction. The content of those conversations isn’t public, but it shows Black reached into Trump’s policy network (Bannon being the architect of economic nationalism in the White House). It’s possible they discussed China trade or finance – Apollo had business considerations that could be affected by Trump/Bannon economic policies.

In summary, Leon Black had meaningful intersections with Donald Trump: a shared 1990s Russia foray, mutual friends and advisors, and participation in Trump-era events. While not a core Trump confidant, Black’s wealth and Wall Street stature gave him a seat at the table. Indeed, by 2018 Apollo’s president said Black was “advising the administration informally” on infrastructure plans. Black’s ability to straddle both political parties while engaging Trump’s circle exemplifies how he sustained access to power regardless of regime.

Connections to Russian Individuals and Entities

Leon Black’s ties to Russian business and political figures are among the most striking of any major American financier. Unlike Wexner, Black actively cultivated relationships in post-Soviet Russia, merging his financial ambitions with geopolitical networking:

• 1990s Moscow Ventures: As noted, Black traveled with Trump to Moscow in 1996, facilitated by his friend David Geovanis who was investing in Russian real estate. Geovanis (working for Bennett LeBow and later George Soros in Moscow) introduced Black to local power brokers, including then-Moscow Mayor Yury Luzhkov and artist-oligarch Zurab Tsereteli. Black recounted attending lavish “Georgian feasts” at Tsereteli’s with “loads of government officials” flowing in and out. These anecdotes underscore that Black was networking at high levels in Russia as early as the mid-’90s – a time when the country’s economy was opening chaotically and Tycoons were emerging. While Trump sought real estate deals, Black’s interests likely lay in investment opportunities (or advisory roles) in Russia’s nascent markets.
• Meeting Putin and RDIF: Fast forward to September 2011 – Black met one-on-one with Vladimir Putin to discuss Apollo’s potential investments in Russia. Putin, keen to attract Western capital, was creating the Russian Direct Investment Fund (RDIF), a sovereign wealth fund. At Putin’s 2011 Sochi economic forum, Leon Black appeared on stage with Putin and agreed to join RDIF’s International Advisory Board. This advisory board was a who’s-who of global finance; Black served alongside Stephen Schwarzman (Blackstone CEO) and David Bonderman (TPG Capital). Black formally remained an RDIF advisor until 2014, when Russia’s annexation of Crimea led many Americans to distance themselves due to sanctions. Nonetheless, for about three years Black had direct channels to Putin’s economic team, signaling a strategic alignment with Russian state investment initiatives.
• Connections to Oligarchs: Black acknowledged to the Senate that he “knows” at least two major Russian oligarchs. One is Oleg Deripaska, the aluminum magnate sanctioned by the U.S. in 2018 for malign activities. Black said he had interacted with Deripaska in both Russia and the U.S., prior to sanctions. (Deripaska, notably, was a figure in the Mueller investigation due to ties with Paul Manafort; any friendship with Black places Black in sensitive company.) The second is Suleiman Kerimov, a billionaire investor also sanctioned in 2018. Black knows Kerimov’s close associate Allen Vine, whom he described as Kerimov’s “consigliere”. These links suggest Black moved in the same circles as some of Putin’s inner oligarchy – whether at international conferences, art auctions, or private equity negotiations.
• Apollo and Russian Capital: It’s worth noting if Apollo itself took in Russian money. While details are scarce, large private equity firms did count Russian sovereign entities among their limited partners in the 2010s. Apollo was reportedly involved in discussions for Russian joint investments – e.g. Apollo and RDIF explored co-investing in a fertilizer company in 2013, per Russian media reports (though it’s unclear if that materialized). In 2017, after Trump’s election, Kirill Dmitriev (the RDIF chief) met Black’s Apollo partner Josh Harris in Davos to invite Apollo to more deals in Russia. Such overtures show Apollo under Black did not shy away from Russian opportunities until geopolitical tensions forced a pullback.

Black’s Russian entanglements extended to cultural diplomacy as well. As a prominent art collector, Black interacted with Russian oligarch-collectors (e.g. he outbid Russian billionaire Dmitry Rybolovlev for high-profile artworks on occasion). These intersections of finance, art, and international relations gave Black a unique Rolodex bridging East and West. U.S. officials flagged this during the Trump-Russia probe: that’s why the Senate Intelligence Committee took sworn testimony from Black in 2018 about the Moscow trip and his contacts.

In summary, Leon Black had extensive, documented connections to Russian individuals and institutions. He personally liaised with Putin’s circle to guide Russian investment strategy, befriended oligarchs later deemed security threats by the U.S., and kept Apollo engaged in Russia when many American financiers were wary. While there’s no accusation of illegality in these ties per se, they underscore that Black was uniquely positioned – intentionally or not – at the crossroads of U.S.-Russia financial networks. This positions Leon Black as an American whose wealth and influence overlapped significantly with Russian state-affiliated interests during the pivotal 1990s–2010s era.

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References:

1. International Consortium of Investigative Journalists - Paradise Papers Database - 2017
2. Brown - Perversion of Justice - 2018
3. Miami Herald - Jeffrey Epstein Plea Deal Scrutinized - 2018
4. Senate Intelligence Committee - Report on Russian Active Measures Volume 5 - 2020
5. Columbus Dispatch - Wexner’s Influence in Central Ohio - 2020
6. Financial Times - Leon Black Paid $158 Million to Jeffrey Epstein - 2021
7. Securities and Exchange Commission - L Brands Form 10-K - 2021
8. Forbes - Leslie Wexner Real-Time Net Worth - 2022
9. Senate Finance Committee - Findings on Leon Black Tax Practices - 2023
10. Department of Justice - Epstein Non-Prosecution Agreement Documents - 2007
11. U.S. Senate Judiciary Committee - Alexander Acosta Confirmation Hearing Transcript - 2017
12. Russian Direct Investment Fund - Advisory Board Press Release - 2011
13. Apollo Global Management - IPO Prospectus - 2011
14. Ohio Secretary of State - Wexner-Linked Trust Filings - 1991–2006
15. New York Times - The Billionaire and the Mansion He Never Lived In - 2019