Thursday, April 18, 2013

Apollo sued by fraudster/ex-placement agent


Fortune asks is it chutzpah, a breach of contract or both? Former "placement agent" Al Villalobos yesterday sued Apollo Global Management (APO) in a Nevada bankruptcy court, alleging that the firm had improperly withheld payments related to his capital-raising work on behalf of the firm. The complaint also includes the transcript of a recent deposition of Apollo founder Leon Black, which (finally) shines a bit more light on Apollo's thinking during the years in which it used Villalobos.

For the uninitiated, Villalobos has been accused of fraud by both The Securities & Exchange Commission and The U.S. Department of Justice, who allege that he and former CalPERS CEO Fred Buenrostro forged disclosure documents…..


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