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by
Jordy Leo
- 26 octobre 2023
The U.S. Securities and Exchange Commission (SEC) has charged BlackRock Advisors, LLC, a prominent investment adviser, with misleading investors about its investments in the entertainment industry, as reported by Reuters on October 24. The SEC revealed that BlackRock inaccurately described its investments in Aviron Group, LLC, a company developing advertising plans for films, in reports filed from 2015 to 2019. BlackRock portrayed Aviron as a “Diversified Financial Services” company in public documents, while in reality, it was an entertainment industry entity. Furthermore, BlackRock falsely stated that Aviron paid a higher interest rate than it did.
Upon identifying these inaccuracies in 2019, BlackRock rectified its reporting. To settle the charges, the firm has consented to pay a substantial penalty of USD2.5m. The SEC emphasized the vital role accurate disclosures play in aiding investors, both retail and institutional, to evaluate their investments. This case highlights the responsibility investment advisers have in providing accurate and transparent information to investors. The investigation and subsequent action were conducted by the SEC’s Enforcement Division’s Asset Management Unit.
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