Tag: Michael Matlin

The U.S. SEC has levied charges against New York-based Concord Management LLC and its founder, Michael Matlin, for functioning as unregistered investment advisers. Their sole client was the Russian oligarch Roman Abramovich, the New York Times reported. Authorities froze over $13 billion; some of those assets were believed to be investments Concord had made for Abramovich.

It's not easy to be a Russian oligarch at this time. According to a New York Times report, some Russian oligarchs have used Concord Management LLC, a financial advisory company in Tarrytown, New York, to secretly invest money in large US hedge funds and private equity firms. Allegedly, the bulk of the funds belonged to Roman Abramovich, a close ally of Russian President Vladimir Putin. Concord and its founder, Michael Matlin, said it oversaw between $4 billion and $8 billion.