The Securities and Exchange Commission said Tuesday it fined Apollo Global Management $52.7 million for allegedly breaching its fiduciary duties as an investment advisor by failing to disclose fees and conflicts of interest to investors. Apollo, as the general partner, failed to adequately disclose to its limited partners that it may accelerate future fees for monitoring portfolio companies when it ended those consulting and services agreements. The firm also allegedly failed to supervise a senior partner who charged personal expenses to the funds. Apollo neither admitted nor denied the findings but agreed to return the allegedly wrongful fees and interest to investors.
Copyright © 2016 MarketWatch, Inc.