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BlackRock Gets SEC Wells Notice on Former Employee Rice

BlackRock Inc. said regulators are considering filing action against the firm over a former money manager who used BlackRock funds to invest in a company with which he had financial ties.

BlackRock received a Wells notice from the U.S. Securities and Exchange Commission on June 17 indicating the regulator’s staff is recommending action against a unit at the world’s biggest asset manager, it said today in a filing.