The SEC filed a lawsuit against the investment company that managed the money, Concord Management – ​​Kommersant

The United States Securities and Exchange Commission (SEC) filed lawsuit to the investment company Concord Management LLC and its former owner Michael Matlin. Concord Management’s client was a billionaire from Russia.

Concord Management LLC was founded in 1999 in New York. The company is accused of providing investment advisory services for more than two decades without registering for this type of activity with the SEC.

By January 2022, the volume of funds under management of this company reached $7.2 billion (registration with the SEC is required if $25 million is exceeded). The assets were distributed across 112 private funds.

The release states that in March 2022, Concord’s client was subject to US and UK sanctions and its assets were frozen. The name of the company’s client was not named either in the press release or in the lawsuit. According to The Wall Street Journal And The New York Timesthe company provided services to billionaire Roman Abramovich.

Shortly before the sanctions were imposed, the SEC said in a statement, the head of the company, Michael Matthew, tried to monetize his client’s investments. However, in February 2022, he transferred the company involved in the investment ownership chain to his five children.

The SEC’s complaint states that the long-term partner of the Russian billionaire, who came under UK sanctions on March 24, 2022, was responsible for contacts with the investment adviser. On this day, Roman Abramovich’s partner and head of Millhouse, Evgeniy Shvidler, came under sanctions.

Evgeny Shvidler became the first Russian businessman to challenge sanctions in a London court. The lawsuit was filed in February. It said that the British authorities had made “significant errors” in assessing the businessman’s relationship with Roman Abramovich. A few days after the restrictions were introduced, Britain eased sanctions against him: transport restrictions on his yachts and planes were lifted.

Evgeny Shvidler with Roman Abramovich traded toys through the cooperative “Uyut”. Afterwards he held various positions at Sibneft and Evraz. Michael Matlin was born in the USSR and emigrated in 1988. At 90 he owned company Sovtek, which was engaged in the production of vacuum lamps in Saratov. These tubes were often used in guitar amplifiers.

Anastasia Larina