SEC Charges Concord, the Money Manager Tied to Roman Abramovich

Logo The New York TimesThe New York Times
2023-09-19 19:59:11  • 4 mins

The Securities and Exchange Commission charged Concord, which managed billions of dollars for Roman Abramovich, with failing to register as an investment adviser.

U.S. securities regulators on Tuesday charged a small Westchester County, N.Y., firm that managed billions in hedge fund and private equity investments for the Russian oligarch Roman Abramovich with operating as an unregistered investment adviser.

The Securities and Exchange Commission said in a lawsuit filed in federal court in New York that Concord Management and its owner, Michael Matlin, had earned tens of millions dollars in fees for providing investment advice to an individual it identified only as a wealthy former Russian official widely regarded as having political connections to the Russian Federation.

A person familiar with the matter confirmed that the individual is Mr. Abramovich, who was a governor of the Chukotka region in eastern Russia.

The New York Times reported in March 2022 that Concord, with an office in Tarrytown, N.Y., had managed dozens of investments for Mr. Abramovich. Weeks earlier, Russia had invaded Ukraine, and international authorities had begun to issue sanctions against Russian oligarchs close to President Vladimir V. Putin. The United States never imposed sanctions on Mr. Abramovich, but Britain and the European Union did.

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