Indicted Placement Agent Accuses Apollo Of Pay-To-Play

Law360, New York (April 17, 2013, 8:34 PM EDT) -- The creditors for a placement agent accused of defrauding Apollo Global Management LLC out of at least $14 million sued Apollo in federal bankruptcy court Tuesday, accusing it of conducting an illicit pay-to-play scheme with the California Public Employees Retirement System.

The adversary proceeding in the bankruptcy case of Alfred Villalobos and his companies accuses Apollo of failing to disclose improper gifts to CalPERS and stiffing Villalobos on at least $6 million in unpaid placement agent fees for securing Apollo more than $1 billion in investments...
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