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with some very smart tax lawyers," said a person who attended the meeting.
Tax work can be especially lucrative because the savings can be huge. And since clients don't want extra
scrutiny of their taxes, the strategies often remain under the radar.
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Mr. Epstein started providing Mr. Black with tax and estate-planning advice around 1997 and began
serving as a director of Mr. Black's family foundation. Over time, Mr. Epstein earned millions in fees
advising Mr. Black.
Mr. Black already was getting advice on taxes and estate planning from top accountants and attorneys.
An adviser from a prominent law firm expressed concerns over the aggressiveness of Mr. Epstein's tax-
minimization strategies, said a person familiar with the matter.
Mr. Black and two other Apollo executives each donated $167,000 to a foundation associated with Mr.
Epstein, a 1999 charity filing shows. The contributions were payment for getting them a good deal on a
private plane, said a person familiar with the donations.
Charity filings show Mr. Epstein remained on the board of Mr. Black's foundation until 2012. Mr. Epstein
resigned in 2007, according to a spokeswoman for the foundation and Delaware tax filings. The
spokeswoman said his name mistakenly appeared on the filings until 2012, when it was noticed and
subsequent filings were corrected.
In 2015, Gratitude America Ltd., a Virgin Islands-based foundation associated with Mr. Epstein, received
a $10 million cash gift from a Black-related entity, according to charity filings and a person familiar with
the transaction.
A spokesman for Apollo and a spokeswoman for Mr. Black didn't provide a comment.
By the late 1990s, Mr. Epstein's connections with wealthy people had drawn the attention of top
executives of JPMorgan, where he was a client. One of the executives told the newly named head of its
private bank, Jes Staley, to get to know Mr. Epstein, according to a person familiar with the matter.
Mr. Epstein was a master at introducing an eclectic mix of wealthy, connected people to each other, and
he started connecting a string of acquaintances to Mr. Staley and recommending JPMorgan's private
bank—something he would do for another seven years—a person close to the relationship said.
Mr. Epstein connected JP Morgan to Glenn Dubin, co-founder of Highbridge Capital Management, one
of the fastest-growing hedge-fund firms of the 2000s. In the 1980s, Mr. Epstein had dated the woman
who would later become Mr. Dubin's wife, Eva Andersson-Dubin, who is a physician and former model.
In the early 1990s, Mr. Dubin, accompanied by Ms. Andersson, met Mr. Epstein at a political fundraiser
Mr. Epstein hosted, according to a person close to Mr. Dubin.
JPMorgan hired Mr. Dubin's fund to manage assets tied to offshore reinsurance products that helped
private-banking clients minimize taxes, said people close to Highbridge. Mr. Staley was impressed with
the performance and started funneling private-banking clients' money directly into Highbridge's growing
hedge fund.
A $10 million investment Mr. Epstein made in Highbridge in 1999 turned into roughly $29 million, the
people said. He also pitched tax strategies to managers of the firm, said someone familiar with those
discussions.
JPMorgan bought control of Highbridge in 2004 for more than $1 billion. Mr. Epstein earned a fee of
around $15 million from Highbridge, according to people familiar with the payment. One said the fee
stemmed from Mr. Epstein's role introducing Mr. Dubin to Mr. Staley years earlier.
There was confusion at times among senior people inside Highbridge, including by co-founder Henry
Swieca, about the fee's purpose. Some people felt it was odd to compensate someone for an
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introduction years earlier between people who could have met many different ways, given their Wall
Street connections.
Asked about this, Mr. Swieca said he and Mr
agreed to the transaction's terms, including fees.
On deal documents, Mr. Epstein was listed as an adviser on the Highbridge side, along with Goldman
Sachs Group Inc., said people familiar with the documents. Unlike Goldman's role, Mr. Epstein's wasn't
publicly disclosed.
A spokeswoman for Mr
and Ms.
said they are "horrified by the new allegations
against Jeffrey Epstein, which bear no resemblance to the person they knew." The spokeswoman said
Mr.
had an "extremely limited" business relationship with Mr.
that ended more than a
decade ago, and that in remaining friends, the