A New York firm that managed billions of dollars for 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 U.S. 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 U.K. and European Union in March 2022.
Bloomberg News reported in March 2022 that much of the money behind Concord belongs to the oligarch, who was included in a wave of sanctions targeting allies of Russian President Vladimir Putin following the invasion of Ukraine.
The SEC asked for an order forcing Concord and Matlin to disgorge all ill-gotten gains from illegal conduct.
According to the suit, the defendants received about $85 million in compensation, including about $50 million in performance bonuses, $29 million in fees and $6 million in reimbursed expenses, between 2012 and 2022.
Benjamin S. Fischer, a lawyer representing Concord Management, didn't immediately respond to an email and a voicemail seeking comment on the suit. A representative for Abramovich didn't immediately respond to a request for comment.
