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SEC Fines Private-Equity Firm Where Bayh Works Record $53M
Published On August 24, 2016 by Bloomberg News and IBJ Staff
Apollo is the latest company sanctioned in an industrywide sweep into whether private equity firms put their own interests ahead of investors. The Wall Street Journal said Apollo must pay more than $40 million back to pension funds and university endowments in the largest private equity settlement to date.
Bayh, a Democrat who is running against U.S. Congressman Todd Young, R-Indiana, for the U.S. Senate seat being vacated by Sen. Dan Coats, has worked for Apollo since January 2011. Bayh, a former Indiana governor, is seeking to return to the Senate after serving there from 1999 to 2011. He joined Apollo less than three weeks after leaving the Senate.
Jeff Cardwell, chairman of the Indiana Republican Party, called for Bayh to resign from the firm Wednesday.
“It’s bad enough that Evan Bayh used his public position to make millions for himself,” Cardwell said in a written statement. “If he truly stands for Hoosiers, it’s time for Bayh to resign from Apollo and distance himself from this corporate corruption. Hoosiers deserve to know whether Evan Bayh stands for bankers on Wall Street or Hoosiers on Main Street.”
Four fund advisers affiliated with Apollo failed to adequately disclose lump-sum payments it expects to receive from the sale of portfolio companies, the SEC said in a statement Tuesday. That reduced amounts available for distribution to fund investors, the SEC said. New York-based Apollo, which didn’t admit or deny wrongdoing, agreed to pay a $12.5 million penalty and about $40 million in disgorgement and interest.
Wall Street’s top cop has made policing private equity fees a priority. Blackstone Group LP and KKR & Co. were both fined last year by the regulator over how they informed investors of fund costs. The agency has focused on what’s known as accelerated monitoring fees, which firms charge the companies they own for services like advisory and legal work. The practice lowers the value of portfolio companies, which reduces potential profits available to clients.
“A common theme in our recent enforcement actions against private-equity firms is their failure to properly disclose fees and conflicts of interest to fund investors,†Andrew J. Ceresney, head of the SEC’s division of enforcement, said in the statement.
The former senior partner, whom the SEC didn’t name, was caught twice for improperly charging personal expenses to Apollo funds and portfolio companies from January 2010 through June 2013, according to the agency. That partner was Ali Rashid, according to two people with knowledge of the matter. Rashid left the firm in 2014.
With only repayment and a verbal reprimand as punishment, Apollo failed to find other instances where the partner saddled the fund with personal expenses. A firm-wide review led to the discovery of the additional charges, which resulted in the partner’s January 2014 departure from the firm.
“Apollo seeks to act appropriately and in the best interest of the funds it manages at all times,†Eric Kuo, an outside spokesman for Apollo, said in an e-mailed statement. “Long before the SEC inquiry began, Apollo had enhanced its disclosure and compliance relating to these matters.â€
The CornBelters would start the scoring outburst in the fourth. The CornBelters scored six runs during the inning. Dustin Kelly started the scoring with an RBI-single. With bases loaded twice, the Otters walked two batters in a row to bring in two runs. Santiago Chirino hit fielder’s choice to bring in another. Aaron Dudley would score two with his single.
In the bottom of the fourth, the Otters would manage to get their first base hit on the night when John Schultz hit for a single. In the seventh the CornBelters would extend their lead seven to zero with another RBI-single from Dudley.
Josh Allen would finally get the Otters on the board in the eighth. Allen scored Julio Rodriguez with an RBI-single. That’s all the runs the Otters would muster. In the ninth, the CornBelters brought in two runs; the first was from an RBI-double from Nolan Meadows. Kelly would score one with his single.
The Otters (49-37) start a three game home stand against division leader Southern Illinois. First pitch is scheduled for 6:35pm at Bosse Field.
The Evansville-Vanderburgh County Traffic Safety Partnership will conduct a sobriety checkpoint on August 27, 2016 in support of a nationwide ‘Drive Sober or Get Pulled Over‘ drunk driving enforcement campaign. The checkpoint wil take place Saturday night from 11:30 pm until 3:00 am.
Law enforcement officers from the Vanderburgh County Sheriff’s Office, the Evansville Police Department and the Indiana State Police will join together to conduct this checkpoint. The location for Saturday’s checkpoint was chosen based on local traffic collision data. Analysis of data captured in July and August of 2016 indicated that several geographical areas within Vanderburgh County accounted for a disproportionately high number of reported hit and run crashes. The upcoming checkpoint will be located within one of those areas. Hit and run crashes are often the result of impaired drivers who try to avoid arrest by fleeing the scene.
The Evansville-Vanderburgh County Traffic Safety Partnership conducts sobriety checkpoints in an effort to detect and deter impaired drivers (thereby reducing the occurrence of alcohol and drug related traffic crashes). Funding for local sobriety checkpoint operations is provided by theIndiana Criminal Justice Institute (ICJI) through a grant from the National Highway Traffic Safety Administration (NHTSA).
Previous News Release:Â 2016-NR-061
Pictured above: Vehicle being towed at a recent DUI checkpoint.
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Politicians Have Robbed Us For Generations
Freedom, IN – I have proposed a three-step plan to fix most of our worst problems by federal legislation. In many previous releases I detailed plans for fixing the corruption we call “the Two Party System.†That was Step #1.
Step #2 is our twisted-hybrid political/private financial system.
Money itself, as a fiduciary currency/unit of trade, can be a wonderful thing. When scrupulously maintained as trustworthy, it facilitates honest trade, and practically guarantees peace.
Unfortunately, we’ve not had such money since 1913, though it’s still required by our state and federal constitutions.
Why? Because the most effective way to hide the true costs of war, tax the public without their knowledge, enrich elites, and covertly monetize the massive debts incurred by a military empire and industry, is to replace money with cheap currency, and then devalue it by making gobs of it.
There’s a long, repetitious history of this. In every case, from ancient Egypt to today’s Venezuela, devaluing currency represents a slide to catastrophe.
There are no exceptions; “fiat currency†always fails. And it’s always by the same stupid pattern.
Politicians spend money they expect future generations to pay, so they have to find a way to devalue/inflate the supply of currency, and then point fingers of blame everywhere but at themselves when it all collapses.
The United States of America has occupied the catbird seat of fiat currencies since WWII, with 2/3rds of the global reserve currency. But that is ending shortly, as our dollar is based purely on trust, and violence; and the world is both losing trust in us, and sick of our endless Petrodollar Wars. We have been deceived right up to the brink of collapse, and we’re past due for some radical action. So:
1. Audit the Fed. We are bankrupt, and it’s time to go through an orderly and just restructuring of debts, nullifications, and dismantlings.
2. Replace the current Federal Reserve System with a truly private banking system that is not only subject to audits, reporting and SOP as with other incorporated institutions, but also has no power to monetize political debts or create currency.
3. All money/currency authority and accountability shall be in the US Congress as per Article I Section 8:5 of the Constitution for the United States of America, so that politicians will be held accountable for greed, shortsightedness, and trans-generational theft.
4. However, people must be free to use whatever form of money or currency suits their needs. “Cryptocurrency,†foreign coins, even conch shells or knotted strings are not the government’s business. Our government’s only legitimate role in interpersonal transactions is when there is force or fraud involved.
In other words, I propose we stop lying, stealing, making promises we can’t keep, and clean our accounts for the promotion of peace, prosperity, security …and freedom.
Liberty or Bust!
Andrew Horning
Libertarian for 8th District US House of Representatives
Eagles Will Play An Exhibition Game At Purdue
2016-17 MBB SCHEDULE RELEASEÂ (.pdf);Â COMPLETE 2016-17 SCHEDULE
EVANSVILLE, Ind. – The University of Southern Indiana men’s basketball team announces the exciting, action packed 2016-17 schedule that includes 28-regular season games and begins at Purdue University for an exhibition game on November 1.
“This is a great opportunity to play a Big-Ten team with such great tradition,” said USI Head Coach Rodney Watson. “We also are grateful for this chance to play in Mackey Arena where renovations have been completed since the Eagles last played an exhibition game there.”
USI begins the regular season on the road for the second-straight season when the Screaming Eagles travel up the road to Indianapolis, Indiana, to play in the GLVC/GLIAC Challenge November 12-13. USI is slated to face Lake Erie College and Ashland University in the two-day event.
The GLVC/GLIAC Challenge starts a six-game slate away from the Physical Activities Center to start the season. Following the challenge, the Eagles return to Evansville for the Small College Basketball Hall of Fame Classic November 18-19 at the Ford Center. USI will play Florida Southern College, which won the 2015 NCAA Division II national championship at the Ford Center, and Kentucky Wesleyan College, the Eagles long-time rival and former GLVC member.
The final third of the six-game road slate begin the 2016-17 GLVC campaign by traveling to McKendree University (December 1) and the University of Illinois Springfield (December 3).
Eagle fans will get their first view of the 2016-17 USI squad December 10-11 when Ohio Valley University (December 10) and Lees-McRae College (December 11) in the shortened Bill Joergens Memorial Classic.
USI stays at the PAC to play Bluefield College (December 14) before going on the road to play in the Louisville Airport East Classic that is hosted by Bellarmine University.
After a home game with Bluefield State University on January 2 to start the 2017 calendar, USI resumes GLVC action by hosting William Jewell College (January 5) and Rockhurst University (January 7). The home conference schedule for the Eagles also includes Bellarmine (January 16); the University of Wisconsin-Parkside (January 19); Lewis University (January 21); Missouri University of Science & Technology (February 2); Drury University (February 4; Homecoming); Illinois Springfield (February 16); and McKendree University (February 18; Senior Day).
The remainder of the GLVC road slate includes visits to Truman State University (January 12); Quincy University (January 14); Saint Joseph’s College (January 26); University of Indianapolis (January 28); University of Missouri-St. Louis (February 9); Maryville University (February 11); and Bellarmine University (February 23).
“The GLVC regular season will be as strong of a test for us as it is every year,” said Watson. “The conference has produced our region’s representative in the NCAA II Elite Eight each of the last six seasons and we need to join that group.”
The GLVC Tournament is slated to begin February 26 at campus sites before returning to the Ford Center in Evansville for the first time since 2014 for the final three rounds March 2-5. The NCAA II Midwest Regional is set for March 11-14, while the NCAA II Elite Eight moves to Sioux Falls, South Dakota, March 22-25.
Schedule Notes:
| Team | 2015-16 Record | Post –Season | USI series record vs. opp. |
| Ashland | 25-6 | NCAA II Midwest Regional | 19-13 |
| Lake Erie | 10-18 | 3-0 | |
| Florida Southern | 10-19 | Sunshine State Conf. Tour. | 1-3 |
| Kentucky Wesleyan | 27-4 | NCAA II Midwest Regional | 40-49 |
| Ohio Valley | 8-19 | G-MAC Tour. | 6-0 |
| Lees-McRae | 16-15 | Carolinas Conference Tour. | 2-0 |
| Bluefield College | 22-14 | NAIA Final Eight | 0-0 |
| Kentucky State | 11-15 | SIAC Tour. | 19-3 |
| Bluefield State | 8-18 | 0-0 | |
| McKendree | 13-14 | GLVC Tour. | 7-7 |
| Illinois Springfield | 11-18 | GLVC Tour. | 8-3 |
| Rockhurst | 12-15 | GLVC Tour. | 16-1 |
| William Jewell | 9-17 | 4-0 | |
| Quincy | 20-10 | GLVC Tour. | 29-10 |
| Truman State | 21-9 | GLVC Tour. | 3-1 |
| Bellarmine | 23-7 | NCAA II Midwest Regional | 50-38 |
| Lewis | 24-9 | NCAA II Midwest Regional | 44-24 |
| Wis.-Parkside | 25-6 | NCAA II Midwest Regional | 28-12 |
| Indianapolis | 21-8 | NCAA II Midwest Regional | 54-21 |
| Saint Joseph’s | 8-19 | 54-20 | |
| Drury | 19-8 | NCAA II Midwest Regional | 10-9 |
| Missouri S&T | 8-19 | 14-2 | |
| Maryville | 10-18 | 8-2 |
Representative Holly Sullivan Announces Vanderburgh And Warrick Counties Awarded Grants To Improve Roads Â
Local communities received state matching grants this week to improve roads and bridges, according to State Rep. Holli Sullivan (R-Evansville).
This year, Sullivan supported legislation establishing the state’s Community Crossings matching grant fund, which will provide about $160 million to Indiana cities, towns and counties on a 50/50 matching basis.
“This grant program is a win for local governments and residents alike,†Sullivan said. “The funds will be used to complete road and bridge projects more quickly. These investments in our infrastructure are crucial steps needed to grow our economy and improve our quality of life. Next session, we will be diligently working to develop long-term funding solutions for roads and bridges at the state and local levels.â€
As part of the program, Vanderburgh County received $1 million and Warrick County received $755,770 for road and bridge improvements.
In addition, six local communities were awarded grants, including Boonville ($679,445), Darmstadt ($98,740), Evansville ($707,750), Newburgh ($201,872) and Tennyson ($5,606).
On Tuesday, INDOT announced 99 Southern Indiana cities, towns and counties were awarded $49 million through the fund. Projects that are eligible for funding through Community Crossings include road resurfacing, bridge rehabilitation, road reconstruction, and Americans with Disabilities Act compliance in connection with road projects. Material costs for chip sealing and crack filling operations were also eligible for funds.
A complete list of Southern Indiana cities, towns, and counties receiving matching funds through Community Crossings for the calendar year 2016 call for projects is online at www.in.gov/indot/3571.htm. More information about Community Crossings is online at www.in.gov/indot/communitycrossings.
EPD Bomb Squad Receives FBI Re-Accreditation
The Hazardous Devices Unit (HDU) was formed in 1972 with EPD’s first FBI certified Bomb Technician. The Hazardous Devices Unit has to meet specific requirements and standards set by the FBI in order to achieve accreditation. The Evansville Police Department’s HDU became an FBI accredited Bomb Squad in 1989, and has maintained that accreditation since.
The requirements include maintaining and have operational a list of necessary equipment. They review HDU’s Operational Guidelines, personnel records, and training records. Those requirements and standards are subject to review by the FBI and other Bomb Squad commanders for the reaccreditation process every 5 years. The Evansville Police Department’s HDU recently completed this process and received their FBI accreditation again.
