Former Private Equity Firm Partner Charged With Secretly Billing Clients for His Vacations and Salon Visits
United States Minor Outlying Islands
- 10/25/2017
- Warning
- Securities and Exchange Commission. U.S
Detail
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.
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