NY Firm That Managed Billions for Abramovich Is Sued by SEC (1)

A New York firm that managed billions of dollars for sanctioned Russian oligarch Roman Abramovich was sued by the Securities and Exchange Commission for not registering as an investment adviser.

The SEC filed suit Tuesday against Concord Management LLC of Tarrytown, New York, and founder Michael Matlin. The agency said Concord and Matlin’s failure to register meant they invested more than $7 billion in US securities markets with no regulatory oversight at all.

Abramovich wasn’t identified in the SEC suit, which described Concord’s sole client as a “wealthy former Russian political official” who was sanctioned by the UK and ...