Court Fines Former Apollo Partner $240K For Misallocating Personal Expenses; Places ‘Significant Blame’ On Firm’s Internal Practices

Jina Choi spoke to the Private Equity Law Report for an article analyzing the Securities and Exchange Commission's recent win in a civil action against a former senior partner at Apollo Management for falsely and repeatedly claiming personal expenses as business expenses.

According to their testimony, Apollo's current and former CFOs mistakenly believed that certain expenses were paid by Apollo management companies, per the LPA disclosures, when they were actually paid by the funds. "The Court found high-level executives were confused about which entity was paying which expenses, making it harder to show that Rashid knew who was being charged for the expense," Jina noted.

Read the full article (subscription required).