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Regulator charges US firm with acting as unregistered adviser to former Russian official

The complaint was filed in the US District Court for the Southern District of New York

WASHINGTON, September 19. /TASS/. The Securities and Exchange Commission (SEC) has announced charges against Concord Management LLC of Tarrytown, New York, and its owner and principal, Michael Matlin, "for operating as unregistered investment advisers to their only client, a wealthy former Russian official widely regarded as having political connections to the Russian Federation," the press service of the regulator said in a press release.

In March 2022, the UK and the European Union designated Matlin and Concord’s client a sanctioned individual and the client’s assets were subsequently frozen, according to the complaint.

"The SEC’s complaint alleges that, from at least 2012 through March 2022, Concord and Matlin sourced, arranged, and monitored hundreds of investments, worth billions of dollars, in private equity funds and hedge funds on behalf of the client," the regulator said. "As of January 2022, Concord and Matlin allegedly managed investments for their sole client with an estimated total value of $7.2 billion in 112 different private funds," the press release reads. According to the SEC’s complaint, both Concord and Matlin were required to register as investment advisers with the Commission based on their activities, but neither did. By failing to register, Matlin and Concord avoided certain legal obligations for investment advisers that protect the investing public, such as various reporting requirements and examination by the SEC.

The complaint was filed in the US District Court for the Southern District of New York.

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