MOHAMMED ALI RASHID REVIEW
This complaint was posted on NAS on 6th Jan, 2021 and is a permanent record located here: https://www.nameandshame.com/mohammed-ali-rashid-5YCVR/beware-of-this-scammer-he-defrauded-his-fund-clients-id5ydpl .
Beware of this scammer! He defrauded his fund clients!
Today, The Smart Investor Feed brings you another morally reprehensible fraud.
Mohammed Ali Rashid has been seized/arrested by the U.S. Securities And Exchange Commission (SEC). Shocking right?
We weren’t expecting this as well, but these scammers are getting smarter by the minute, making it harder for us to identify.
Such swindlers seem to be booming in numbers lately. This case is kind of interesting, why don’t I show you why:
Full Report On Mohammed Ali Rashid
On October 14, 2020, the Securities and Exchange Commission obtained a final judgment against Mohammed Ali Rashid, a former senior partner at Apollo Management L.P., who used client assets to fund his personal lifestyle.
The SEC's complaint, filed on October 25, 2017, alleged that Rashid allocated personal expenses to private equity funds that he and Apollo advised by misrepresenting the expenses as legitimate business expenses. The complaint alleged that Rashid was reimbursed for approximately $290,000 in personal expenses fraudulently disguised as legitimate business expenses, including a New Year's trip to Brazil, a friend's bachelor party and wedding, a flight to the Super Bowl, and numerous dinners with friends and family at high-end Manhattan restaurants.
On September 23, 2020, after a nine-day bench trial at which 33 witnesses testified, the district court found that Rashid had engaged in a pattern of repeatedly, knowingly and falsely describing personal expenses as business expenses and had violated Section 206(2) of the Investment Advisers Act of 1940. The court entered a final judgment that permanently enjoins Rashid from violating the antifraud provisions of Section 206(2) of the Advisers Act and orders Rashid to pay a civil penalty of $240,000. Prior to the filing of the SEC's complaint, Rashid repaid Apollo for the ill-gotten funds and Apollo reimbursed the affected funds.
Conclusion: Mohammed Ali Rashid Is A Fraud
The report on SEC clearly suggests that Mohammed Ali Rashid never had any intentions to do honest business or provide helpful services. Main intention behind all their actions was to take advantage of the honesty & gullibility of people and scam them. It would be an understatement to call this a mere fraud, this one is a scandal.
If you feel like you are a victim of this scam, then I recommend contacting a law firm and consulting with them about a lawsuit. Companies & firms pay huge reprimands to settle serious lawsuits.
Help Us Fight These Criminals
Do you have evidence against Mohammed Ali Rashid or one of their associates, then please post it here. These criminals rely on their witnesses’ & victims’ silence, if you speak up, then they get exposed and punished for their horrific acts. I started The Smart Investor Feed on this site with only one purpose; to become a nightmare for the financial frauds in the country. I try to post often, so you can bookmark my profile for regular updates on frauds & con-artists.
Full Disclosure: We sourced this piece of information from the SEC database