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BlackRock Settles SEC Charges Over Disclosure Failures

by BlockNews.com Team
October 28, 2023
in Breaking News, Business, Investing
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BlackRock Settles SEC Charges Over Disclosure Failures
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  • BlackRock Advisors LLC agreed to pay $2.5 million to settle SEC charges of failing to accurately describe investments in the entertainment industry from 2015-2019.
  • The charges relate to BlackRock’s inaccurate descriptions of investments made by one of its trusts in Aviron Group LLC, a company that developed advertising plans for films.
  • BlackRock consented to the findings but did not admit or deny the charges. The settlement shows the SEC’s commitment to enforcing disclosure rules and transparency for investors.

The U.S. Securities and Exchange Commission (SEC) announced charges against BlackRock Advisors LLC for failing to accurately describe investments in the entertainment industry. BlackRock has agreed to pay a $2.5 million penalty to settle the charges.

Background on the Charges

From 2015 to 2019, one of BlackRock’s trusts made investments in Aviron Group LLC, a company that developed advertising plans for films. However, BlackRock inaccurately described Aviron to investors, according to regulators.

In 2019, BlackRock identified the disclosure inaccuracies regarding the Aviron investments and began accurately describing them.

🚨 NEWS: 🇺🇸 SEC charges @BlackRock for Inaccurately depicting investments in the entertainment sector.

BlackRock has agreed to pay a penalty of $2.5 million, Reuters reports. pic.twitter.com/y9RilAIxYh

— BlockNews.com (@blocknewsdotcom) October 24, 2023

BlackRock’s Response

BlackRock consented to the SEC’s findings but did not immediately respond to requests for comment. The company neither admitted nor denied the charges as part of the settlement.

The settlement demonstrates the SEC’s commitment to enforcing disclosure requirements and ensuring investors receive accurate information about investments. Going forward, asset managers like BlackRock will need to be diligent in providing transparent descriptions of underlying investments to avoid scrutiny.

Tags: blackrockBusinessInvestmentsec
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