{"id":391941,"date":"2022-01-10T05:05:20","date_gmt":"2022-01-10T02:05:20","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dimons-son-in-law-caught-in-21m-dispute-between-apollo-oil-exec\/"},"modified":"2022-01-10T05:05:20","modified_gmt":"2022-01-10T02:05:20","slug":"dimons-son-in-law-caught-in-21m-dispute-between-apollo-oil-exec","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dimons-son-in-law-caught-in-21m-dispute-between-apollo-oil-exec\/","title":{"rendered":"#Dimon\u2019s son-in-law caught in $21M dispute between Apollo, oil exec"},"content":{"rendered":"<p>&#8220;<strong>#Dimon\u2019s son-in-law caught in $21M dispute between Apollo, oil exec<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Jamie Dimon\u2019s son-in-law has been caught up in an ugly dispute with a Texas-based energy executive, who has accused him, along with private-equity giant Apollo Global Management, of orchestrating a scheme to stiff the oil-and-gas driller out of his stake in the lucrative company he built.<\/p>\n<p>Joey Romeo \u2014 a Princeton-educated buyout executive who married his Harvard Business School sweetheart, Julia Dimon, in 2011 \u2014 is part of a group of Apollo execs accused of luring Varun Mishra into a partnership that eventually turned sour, with Mishra alleging he got cheated out of $21 million, according to an explosive arbitration claim Mishra filed last month.<\/p>\n<p>After t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ing Mishra\u2019s expertise on natural gas and petroleum to build an energy business, Romeo and other Apollo executives allegedly pushed him out as CEO \u2013 a coup that came shortly after Mishra raised questions about millions of dollars that Romeo had ordered be charged to the company\u2019s expense accounts, according to the filing.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"278\" height=\"216\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Varun-Mishra.png\" alt=\"Varun Mishra\" class=\"wp-image-20772602\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Varun-Mishra.png 278w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Varun-Mishra.png?w=139 139w\" sizes=\"auto, (max-width: 278px) 100vw, 278px\"\/><figcaption>Varun Mishra has expertise in the energy business.<\/figcaption><\/figure>\n<\/div>\n<p>People close to Apollo denied that any expenses paid by Varun\u2019s company were inappropriate.<\/p>\n<p>The spat offers a rare glimpse inside not only the rough-and-tumble world of private-equity deals, but also the business of family members of the billionaire boss of JPMorgan Chase, who have mostly kept a low profile.<\/p>\n<p>Romeo, now in his late 30s, owns a unit in\u00a01185 Park Ave. \u2013 two floors below the legendary banking tycoon \u2013 a $7 million, 3,825-square-foot spread that is the former home of iconic furniture designer Vladimir Kagan, property records show.<\/p>\n<p>Aside from a few wedding snaps on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a>, one of the few publicly available photos of Romeo surfaced in a controversial December 2013 Christmas card, in which Dimon and his family romped around the palatial apartment hitting tennis balls. In one shot, Romeo was caught leaping barefoot over furniture.<\/p>\n<p>Romeo has been at Apollo since 2013 \u2013 and was brought on board at the urging of the late, legendary JPMorgan dealmaker Jimmy Lee, according to sources. Before Apollo, Romeo had been an associate at GE Capital\u2019s Energy Financial Services business.<\/p>\n<p>\u201cJimmy called a lot of people to say, \u2018Hire Joey,\u2019\u201d a source with knowledge of Apollo told The Post. \u201cJoey did not go through the normal recruitment process.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Jamie-Dimon-Christmas-card1.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Dimon familly Christmas card showing Joe Romeo leaping\" class=\"wp-image-20772615\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Jamie-Dimon-Christmas-card1.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Jamie-Dimon-Christmas-card1.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/Jamie-Dimon-Christmas-card1.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Joey Romeo, middle, appears on a 2013 Dimon family Christmas card.<\/figcaption><\/figure>\n<p>MIshra, meanwhile, claims that Romeo got snooty and sarcastic as their business relationship steadily went south.<\/p>\n<p>\u201cJoseph Romeo can be described as a person who constantly belittles you,\u201d Mishra, a 41-year-old Indian immigrant who came to the US as a student, said in a written statement to The Post. \u201cWithout knowing me \u2013 or my immigration history \u2013 he commented on me that \u2018Isn\u2019t it too easy for you all to make money?\u2019\u201d<\/p>\n<p>Romeo, who is named as a defendant in the arbitration claim along with Apollo and other various current and former employees at the firm, didn\u2019t respond to The Post\u2019s request for comment.<\/p>\n<p>An Apollo spokesman told The Post that Mishra was \u201cdisgruntled\u201d and said that he had been fired \u201cfor cause.\u201d The spokesman added that Mishra had engaged six different sets of lawyers and filed a previous arbitration demand, \u201cwhich he voluntarily withdrew.\u201d<\/p>\n<p>\u201cWe strongly support our team and categorically reject Mr. Mishra\u2019s false, defamatory and constantly changing allegations,\u201d the Apollo spokesman said.<\/p>\n<p>Mishra told The Post he withdrew a previous arbitration claim because he believed it gave him a better\u00a0chance to settle with Apollo. After that settlement fell apart, Mishra said he filed the current one.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"509\" height=\"423\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/romeo-julia-dimon.jpg?quality=90&amp;strip=all\" alt=\"Joey Romeo and Julia Dimon\" class=\"wp-image-20772605\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/romeo-julia-dimon.jpg?quality=90&amp;strip=all 509w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/romeo-julia-dimon.jpg?quality=90&amp;strip=all&amp;w=255 254w\" sizes=\"auto, (max-width: 509px) 100vw, 509px\"\/><figcaption>Joey Romeo and Julia Dimon married in 2011.<\/figcaption><\/figure>\n<\/div>\n<p>According to Mishra\u2019s claim, Apollo executives approached him in 2015 to offer at least $400 million to build out a business that would eventually become American Petroleum Partners. Under the agreement, Mishra would contribute Pennsylvania wells he\u2019d amassed and serve as CEO on an H1-B visa while Apollo would provide the capital for expansion.<\/p>\n<p>But the next year, Apollo and Romeo pulled the rug out on Mishra, axing a deal for APP to acquire a major natural gas fracking company for $360 million \u2013 only to turn around and scoop up the company through another firm in which some Apollo principals were \u201clikely direct or indirect beneficiaries,\u201d according to arbitration papers.<\/p>\n<p>Despite allegedly getting shortchanged by Apollo on the fracking deal, Mishra had already committed his wells to the APP venture, according to the complaint.<\/p>\n<p>By that time, Mishra told The Post, he noticed Romeo had been approving expenses for Apollo executives\u2019 limousines and other high-end <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a> to be paid for out of American Petroleum. According to Mishra\u2019s suit, Romeo was siphoning \u201cmultiple millions of dollars\u201d out of Mishra\u2019s business to pad the accounts of Apollo and its affiliates.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"594\" height=\"405\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/jamie-dimon-2.jpg?quality=90&amp;strip=all\" alt=\"Jamie Dimon\" class=\"wp-image-20773564\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/jamie-dimon-2.jpg?quality=90&amp;strip=all 594w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/jamie-dimon-2.jpg?quality=90&amp;strip=all&amp;w=297 297w\" sizes=\"auto, (max-width: 594px) 100vw, 594px\"\/><figcaption>JPMorgan boss Jamie Dimon is Joey Romeo\u2019s father-in-law.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>Mishra alleges that Romeo had directed Collin King, then-APP\u2019s chief financial officer, to \u201cmake substantial payments to Apollo without Mishra\u2019s knowledge of approval.\u201d <\/p>\n<p>\u201cBefore he was fired, to my knowledge, he never alleged that the company reimbursed expenses \u2014 to Apollo or anyone else \u2014 that were not 100% legitimate company expenses,\u201d King, who now works for APP\u2019s successor company High Road Resources, told The Post. \u201cRomeo never directed me to approve any inappropriate expenses, and I never did so.\u201d <\/p>\n<p>MIshra and his attorney both told The Post that he had indeed raised the issue of inappropriate expenses with King and with Romeo directly.<\/p>\n<p>Mishra claims he rang alarm bells, bringing it to Romeo\u2019s supervisor\u2019s attention, but his protests blew up in his face. On Nov. 7, 2019, Romeo traveled to Canonsburg, Pa., with his boss, Olivia Wassenaar, to confront Mishra. They demanded he resign and accept a \u201cpaltry\u201d payout \u2014 saying otherwise \u201che would be terminated for cause,\u201d the filing claims.<\/p>\n<p>Mishra refused, noting in his arbitration filing that he\u2019d never been reprimanded or warned \u2013 let alone disciplined \u2013 for his performance as APP\u2019s president and CEO, nor had he received any written notice of any violations of his employment agreement.<\/p>\n<p>The allegations come as Apollo is under a consent decree from 2016 after the Securities and Exchange Commission said an Apollo senior partner improperly charged expenses to certain company-run funds. If Mishra\u2019s claims are found to have merit, they could trigger another SEC probe of Apollo\u2019s practices, sources told The Post.<\/p>\n<p>Ernest Badway, a partner at law firm Fox Rothschild, said the optics of the allegations \u201clook awful,\u201d but added that they\u2019re not necessarily illegal. \u201cSadly, it would be misallocating expenses\u201d if Apollo partners charged travel and other outlays to APP instead of the firm itself, Badway said.<\/p>\n<p>\u201cThe SEC has started investigations with much less than this,\u201d he said. Still, Badway said, SEC regulators will focus on who was potentially harmed by Romeo and Apollo\u2019s alleged actions; if investors didn\u2019t suffer any losses \u2013 and only Mishra did \u2013 regulators might be less apt to probe the situation.<\/p>\n<p>Meanwhile, Apollo sold APP\u2019s assets in 2020 to Quantum Energy Partners-owned Tug Hill Operating for around $30 million, the arbitration claim alleges. In May of last year, Quantum sold its assets \u2013 including the former APP\u2019s \u2013 to Premier Natural Resources for $6 billion, the claim alleges.<\/p>\n<p>Mishra received around $700,000 for his APP stake after the Tug sale, but he claims he should have received $21 million based on what the assets resold for \u2013 including the $10 million in capital he put up when he inked a deal with Apollo.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/01\/09\/dimons-son-in-law-caught-in-21m-dispute-between-apollo-oil-exec\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Dimon\u2019s son-in-law caught in $21M dispute between Apollo, oil exec&#8221; Jamie Dimon\u2019s son-in-law has been caught up in an ugly dispute with a Texas-based energy executive, who has accused him, along with private-equity giant Apollo Global Management, of orchestrating a scheme to stiff the oil-and-gas driller out of his stake in the lucrative company he&#8230;<\/p>\n","protected":false},"author":1,"featured_media":391942,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/01\/sized-joey-romeo-julia-dimon.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[123574,72964,70752,70791,70792,70446,77305,72868],"class_list":["post-391941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-9-22","tag-apollo-global-management","tag-energy","tag-jamie-dimon","tag-jpmorgan-chase","tag-lawsuits","tag-natural-gas","tag-private-equity"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/391941","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=391941"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/391941\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/391942"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=391941"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=391941"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=391941"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}