News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-10-24T22:21:00
BlackRock Advisors agreed to pay $2.5 million as part of a settlement with the Securities and Exchange Commission (SEC) addressing allegations the firm inaccurately described investments a fund it advised made in a now-defunct film production company.
BlackRock Multi-Sector Income Trust (BIT) made significant investments in Aviron Group, which it described in reports to the SEC as a “diversified financial services” firm, according to the agency’s press release Tuesday. But Aviron’s only line of business was developing plans for distributing films and funding the associated distribution costs, making the description provided by BlackRock appear inaccurate.
BlackRock said it discovered the reporting errors in connection with an internal review it undertook after uncovering fraud perpetrated by Aviron and its principal against the BIT. The founder of Aviron was sentenced to more than three years in prison in October 2022 for misusing Covid-19 relief loans and separately charged by the SEC for misappropriating BIT funds.
THIS IS MEMBERS-ONLY CONTENT. To continue reading, choose one of the options below.
News and analysis for the well-informed compliance or audit exec.
Annual Membership best value
Subscribe now for $365
Our lowest price ($1 per day) for one year.
Register for free
Receive the CW newsletter and access CPE webcasts.
2023-09-29T17:18:00Z By Adrianne Appel
Consumer products company Newell Brands agreed to pay $12.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the company misled investors about its core sales growth.
2023-03-29T17:02:00Z By Adrianne Appel
Brazilian mining company Vale agreed to pay $55.9 million to settle Securities and Exchange Commission charges it issued false and misleading statements regarding the safety conditions of its dams.
2023-03-10T19:32:00Z By Aaron Nicodemus
Software company Blackbaud agreed to pay $3 million to the Securities and Exchange Commission to settle claims it violated securities law by failing to disclose the true scope of a ransomware attack that affected 13,000 users.
2024-07-26T19:18:00Z By Jeff Dale
RTX Corp., the parent company of Raytheon, disclosed in a public filing it has reserved $1.24 billion to resolve legacy legal matters with the Department of Justice, Securities and Exchange Commission, and Department of State.
2024-07-26T15:51:00Z By Aaron Nicodemus
The U.K. Financial Conduct Authority issued a fine of $4.5 million (3.5 million pounds) against a U.K.-based subsidiary of crypto platform Coinbase for providing services to high-risk customers in violation of FCA rules.
2024-07-26T13:36:00Z By Adrianne Appel
Admera Health agreed to pay more than $5.5 million to resolve allegations first brought by two whistleblowers that it paid kickbacks to third-party contractors, the Department of Justice said.
Site powered by Webvision Cloud