Legal
New York Firm That Managed Billions for Roman Abramovich Sued by SEC
- SEC sued Concord Management and Michael Matlin on Tuesday
- Concord, Matlin allegedly made $85 million in fees, bonuses
The US Securities and Exchange Commission headquarters in Washington, DC.
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A New York firm that managed billions of dollars for sanctioned Russian oligarch Roman Abramovich was sued by the Securities and Exchange Commission for not registering as an investment adviser.
The SEC filed suit Tuesday against Concord Management LLC of Tarrytown, New York, and founder Michael Matlin. The agency said Concord and Matlin’s failure to register meant they invested more than $7 billion in US securities markets with no regulatory oversight at all.