SEC Charges Concord, Money Manager Linked to Abramovich, with Fraud

The Securities and Exchange Commission (SEC) has charged Concord Management, a small firm that managed billions in hedge fund and private equity investments for Russian oligarch Roman Abramovich, with operating as an unregistered investment adviser. The SEC alleges that Concord and its owner, Michael Matlin, earned tens of millions of dollars in fees for providing investment advice to Abramovich, who is described as a "wealthy former Russian official widely regarded as having political connections to the Russian Federation." The complaint states that Concord and Matlin should have registered as investment advisers in 2012 but failed to do so. The SEC also claims that Concord coordinated investment decisions with offshore entities controlled by Abramovich to keep his involvement hidden.