SEC Charges Investment Adviser Concord Management LLC and its Owner Michael Matlin for Unregistered Investment Advice

The SEC has charged Concord Management LLC, a Tarrytown, New York-based firm and its owner, Michael Matlin, with acting as unregistered investment advisers for their one client – a wealthy former Russian official. The SEC has alleged that from 2012 to March 2022, Concord and Matlin sourced, arranged and monitored investments worth billions of dollars in private equity funds and hedge funds on behalf of the client. The SEC further alleges there were legal obligations like reporting requirements and examination by the SEC that Concord and Matlin bypassed when they failed to register as investment advisers. Furthermore, Concord and Matlin are accused of helping the client sought to redeem investments and/or sell his securities portfolio in February 2022, prior to the UK and EU designating the client a sanctioned individual and freezing his assets. Consequently, Concord Management LLC and Michael Matlin face charges of violating Section 203(a) of the Investment Advisers Act of 1940 for failing to register as an Investment Adviser and attempting to avoid obeying certain laws designed to protect investors. If found guilty, the SEC seeks injunctive relief, disgorgement of earnings and civil penalties.