SEC Wins Fraud Trial Against Ex-Apollo Exec

Law360 (September 24, 2020, 6:01 PM EDT) -- Following a nine-day bench trial, a New York federal judge Wednesday ordered a former Apollo Management LP executive to pay a $240,000 penalty for spending his clients' funds on swanky vacations, salon trips, high-end clothing and other personal expenses, ending the almost three-year U.S. Securities and Exchange Commission case.

U.S. District Judge P. Kevin Castel ruled that by falsifying expense reports for personal spending and being reimbursed by private equity funds, Mohammed Ali Rashid violated section 206(2) of the Advisers Act.

After the bench trial that took place over nine days in December and January with 33 witnesses, Judge Castel ordered a...

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