Ali Rashid levied using clients’ money to pay for expensive holidays and designer clothing for his girlfriend.
Mohammed Ali Rashid is a previous accomplice of a privately owned business, Apollo Management, L.P. (“Apollo” or the “Organization”). He has worked alongside critical people, Marc Rowan, CEO Josh Harris, senior managing director Scott Kleinman, and Co-President and Lead Partner, Private Equity James Zelter.
Mohammad Ali Rashid was charged with using his clients’ fund to pay for personal expenditures, the Securities and Exchange Commission (SEC) said.
Despite earning millions from his profession, he used investor money to live a luxurious life. He has spent that money on family vacations, designer clothing, and spa services.
The SEC said in a press release that Rashid secretly billed his clients for approximately $290,000 for family vacations, hair salon visits, and purchasing designer clothing—including a $3,500 Zegna suit for his father.
Rashid has been notorious in the asset management circle for stealing clients’ money for years. He was first caught by Apollo on his dishonest behavior in 2010 and again in 2012. Despite being told to stop, he continued the embezzlement into 2013, the SEC said in the press release.
Does Ali Rashid From Apollo Have A Wife?
Rashid had fined $240k after he used the investor’s money to fly around the world with his girlfriend. Federal judge blasts Leon Black’s Apollo charged for practices that enabled an ex-partner to claim dollars from investors for a bachelor party, Super Bowl trip & more.
Moreover, the former Apollo partner circled the globe with his girlfriend. SEC reported he had landed quietly in the Dubai-based private equity firm Safanad in the New York Office. Before that, he used the professional fund for his items.
From January 2010 to Jun 2013, he has improperly charged for personal belonging. Rashid was in Paris and took his love with him and set his travel to the company fund.
NEW: Federal judge excoriates Apollo Global Management in his ruling on former firm partner whose personal expenses were wrongly submitted to private equity funds and portfolio companies https://t.co/tKUOdJzFm3 pic.twitter.com/tF8TqnAnOq
— Sujeet Indap (@sindap) December 4, 2020
Ali Rashid Girlfriend Detail
According to SEC, Rashid has got caught charging the money twice for personal expenses. Also, they had stated Apollo had taken action against the senior partner after using the fund illegally. His bills have got paid by New York State Pension Fund.
“As alleged in our complaint, despite earning millions of dollars, Rashid used client money to fund his lifestyle and personal expenses, including family vacations, designer clothing, and spa services. Rashid knew what he was doing was wrong because he took active steps to conceal his misconduct,” Anthony Kelly, co-chief of the SEC Enforcement Division’s Asset Management Unit, said in the press release.
