The Securities and Exchange Commission has obtained a final judgment against Mohammed Ali Rashid, a former senior partner at Apollo Management, imposing a civil penalty of $240,000.
The SEC's complaint, filed Oct. 25, 2017, alleged that Rashid allocated personal expenses to private equity funds that he and Apollo advised by misrepresenting the expenses as legitimate business expenses.
The complaint alleged that Rashid was reimbursed for approximately $290,000 in personal expenses fraudulently disguised as legitimate business expenses, including a New Year's trip to Brazil, a friend's bachelor party and wedding, a flight to the Super Bowl, and numerous dinners with friends and family at high-end Manhattan restaurants.
Prior to the filing of the SEC's complaint, Rashid repaid Apollo for the ill-gotten funds and Apollo reimbursed the affected funds.
On Sept. 23, after a nine-day bench trial at which 33 witnesses testified, the district court found that Rashid had engaged in a pattern of repeatedly, knowingly and falsely describing personal expenses as business expenses and had violated the Investment Advisers Act of 1940.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
