In the report dated January 22, 2021, Dechert reviewed over 60,000 documents and interviewed more than 20 witnesses to examine Black’s social and business ties to Epstein, including payments, introductions, and services rendered. It concluded that there was no evidence that Black or his affiliates were involved in Epstein’s criminal activities, or that Epstein introduced Black to any under-age woman. The document confirmed that Black engaged Epstein for tax, estate-planning, philanthropic and family-office advice between about 2012 and 2017 — with total payments around $158 million — and that their social relationship dated to the mid-1990s. It found that Black believed Epstein had served his sentence in 2008 and viewed engaging him as not “inappropriate,” though the report notes Black severed ties around fall 2018.


The report also flagged red-flags: Epstein advised on a “proprietary” solution for a 2006 Grantor-Retained Annuity Trust (“GRAT”) that reportedly saved Black up to $1 billion+ in estate taxes, and a “step-up basis” transaction that may have saved about $600 million in future tax liability. The investigation found that Epstein’s compensation “far exceeded” what Black paid his other professional advisors, and payments after 2013 were made on an ad-hoc basis without formal service agreements. While the report cleared Black of criminal wrongdoing, it raised significant questions about the nature of Epstein’s advisory role and the scale/value of payments relative to documented services.



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