Matt Levine’s Money Stuff: Apollo Partner Did OK Kind of Fraud

Expenses

Mohamed Ali Rashid used to be a partner at Apollo Global Management Inc., the big private equity firm. As part of his job, he would fly around to visit companies in which he had made, or was considering making, investments on behalf of the private equity funds that Apollo manages. He spent a lot of money on flights, hotels and meals as he evaluated investments and monitored portfolio companies. Naturally he put all of these expenses on his Apollo corporate credit card. That’s why he had the card. He didn’t pay for his flights to monitor portfolio companies.

Neither, to ...