Meanwhile, the SEC remained conspicuously silent, withholding any immediate commentary on the controversial ruling.
Unveiling the Machinations
Rashid’s transgressions came to light through a series of exorbitant expense reports, purportedly detailing business meetings that were, in reality, extravagant personal excursions. These included jaunts to Montreal for a friend’s bachelor party, a lavish Super Bowl sojourn to New Orleans, and extravagant dinners and gifts, masquerading as executive liaisons with portfolio companies, as per the SEC’s allegations.
A Tumultuous Legal Saga
Rashid’s legal saga unfurled further as details emerged of his separation agreement with Apollo in 2014, which mandated a substantial restitution of $325,000 for the fraudulent reports, as decreed in Wednesday’s order.
Despite Rashid’s earnest testimony during a 2020 bench trial in Manhattan, asserting his belief that Apollo-affiliated entities would bear the brunt of these expenses, U.S. District Judge Kevin Castel remained unconvinced, branding Rashid as “recklessly indifferent” to the implications of his actions.
Split 2nd Circuit Frees Ex-Apollo Exec From SEC Fraud Fine : Legal Acolytes in the Fray
Rashid’s defense was fortified by a formidable legal team, including Faith Gay, Ryan Allison, David Coon, and Theresa Vliet of Selendy Gay PLLC, while the SEC was represented by Micahel Conley and William Shirey.
