Apollo Global Management ($APO) is under renewed scrutiny following an expenses scandal. An appeals court ruling highlighted a case where an Apollo analyst was not held accountable for charging personal expenses, such as Super Bowl tickets and a bachelor party, to the fund. This incident sheds light on a broader issue within Apollo, where travel and dining expenses, among others, were systematically charged to the funds and its investors instead of being covered by Apollo itself, thereby increasing Apollo's share of overall profits.
UBS to sell $8bn of loans to Apollo “The New York-based securitised products business packaged debts, such as mortgages and loans for yachts, before selling them on as securities.” https://t.co/xsAKsbGJMm v
Apollo back under scrutiny after an appeals court ruling over an analyst who claimed expenses for things like superbowl tickets and a friend’s bachelor party.- @sindap column https://t.co/36H6RGcpp6
"Apollo back under scrutiny over expenses scandal" (FT) "Travel & dining expenses should be borne by $APO, not the funds and its investors ... APO had instead been mistakenly & systematically charging expenses to the underlying funds ... increasing APO's cut of overall profits" https://t.co/wOxn0oQg3Q
Hilarious story : An appeal court judge ruled that you can't blame a senior Apollo guy for charging a private SuperBowl trip or a bachelors party to the fund because Apollo so routinely charged stuff they shouldn't that the guy could genuinely be confused https://t.co/UtRMRhlMdh
Apollo back under scrutiny over expenses scandal https://t.co/VtHQTTfBdd