The Securities and Exchange Commission have announced that four private equity fund advisers affiliated with Apollo Global Management have agreed to a $52.7m settlement for misleading fund investors about fees and a loan agreement and failing to supervise a senior partner who charged personal expenses to the funds.
Zach Barratt, a high-yield debt trader at Bank of America, left the bank to join Apollo Global Management’s credit business, according to two people with knowledge of the move.
But salaries top out at a few hundred thousand dollars a year.
The top 10 guys in this area took home $1.7bn in 2013
Federico Buenrostro, former chief executive officer of the California Public Employees’ Retirement System, was charged with conspiring to trick the pension fund into paying millions of dollars in fees for a $3bn investment into funds managed by Apollo Global Management.
Apollo Global Management, and its subsidiaries announced that Leon Black, Chairman and Chief Executive Officer, Josh Harris, Senior Managing Director, and Marc Rowan, Senior Managing Director have entered into new employment agreements with Apollo through to July 19, 2015.