Former Private Equity Firm Partner Charged With Secretly Billing Clients for His Vacations and Salon Visits

Reason:
Misconduct, Abuse
Content of Penalty:

The Securities and Exchange Commission today charged Mohammed Ali Rashid, a former senior partner at Apollo Management L.P., with defrauding his fund clients by secretly billing them for approximately $290,000 in personal expenditures, including his family vacations, visits to a hair salon, and purchases of designer clothing and high-end electronics.

The SEC’s complaint alleges that Rashid falsely claimed that certain individuals accompanied him to dinners to make it appear various personal expenses had a business purpose, and he doctored a receipt in an effort to justify his purchase of a $3,500 suit for his father as a business expense.

Date: 25/10/2017
Link: https://www.sec.gov/news/press-release/2017-199

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