Apollo Global Also Sorry It Once Employed An Exec Who Billed Investors $200K For His Own Amusement

Ali Rashid is no longer a member of Team Apollo.
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You guys got this? (Getty Images)

You guys got this? (Getty Images)

Earlier today, we learned that private equity giant Apollo Global Management had agreed to pay the Securities and Exchange Commission $52.8 million to make the little issue of the p.e. firm sometimes charging investors millions just for the hell of it to go away. The settlement largely had to do with "monitor termination fees," which allowed Apollo (and its peers) to "collect tens of millions of dollars for services they didn’t actually perform." Also covered under the settlement was the matter of an ex-Apollo partner billing clients "about $200,000 of allegedly improper charges for personal entertainment, such as travel to sporting events, disguised as business expenses." According to Fortune, that erstwhile partner is likely updating his résumé circa now and looking forward to new opportunities anyone wants to offer him.

...the former senior partner is Ali Rashid, a onetime Goldman Sachs banker who worked at Apollo between 2000 and his early 2014 termination. He subsequently joined a private investment firm called Cain Hoy Enterprises but, according to a receptionist, is no longer employed there. A source familiar with the situation says that Rashid has cooperated with the SEC’s investigation. Rashid himself did not return a request for comment, and Apollo declined to confirm or deny that Rashid was the former executive in question. The SEC also did not return a request for comment.

SEC Nails Private Equity Firm Apollo for Misleading Investors [Fortune]

Earlier: Apollo Global Sorry It Sometimes Charged Clients Millions Just For The Hell Of It

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