Yesterday, I wrote about the $1 billion dollar fine against Binance for doing business with users in Cuba, Russia, Syria and Iran for apparent violations of multiple sanctions programs. That is not the only such action taken and there are other pending investigations.
In September, The U.S. Securities and Exchange Commission (SEC) on Tuesday charged Concord Management and its owner with failing to register with regulators while operating as an investment adviser to an unidentified billionaire former Russian official.
Concord Management LLC of Tarrytown, New York, and owner Michael Matlin were operating as unregistered investment advisers to a single client, a former Russian official with apparent connections to the Russian Federation, the SEC said in a statement.
The New York Times has reported that Russian oligarch Roman Abramovich was the firm’s client. . According to the NY Times article, the complaint details allegations of how Mr. Matlin and Concord coordinated investment decisions with companies based in the British Virgin Islands and Jersey that are believed to be controlled by Mr. Abramovich.
Matlin founded Concord in 1999 to provide investment advice and supervise investments in U.S. private funds, the SEC said. The firm monitored investments for the Russian individual until March 2022, when the United Kingdom and European Union sanctioned the unidentified client, it said.
Over $7 billion of assets belonging to a single foreign individual was “actively managed” in U.S. markets by a single firm without regulatory oversight, according to reports
JEFFREY NEWMAN AND HIS FIRM REPRESENT WHISTLBLOWERS UNDER THE SEC FCTC AND FINCEN WHISTLEBLOWER PROGRAMS AND H CAN BE REACHED AAT 617-823-3217 OR AT JEFF@JEFFNEWMANLAW.COM. UNDER THESE PROGRAMS, THE WHISTLEBLOWER MAY COLLECT UP TO 30% OF THE FINES IMPOSED BY THE GOVERNMENT ENTITIES.