{"id":83574,"date":"2023-01-06T00:20:28","date_gmt":"2023-01-06T05:20:28","guid":{"rendered":"https:\/\/www.hedgeco.net\/news\/?p=83574"},"modified":"2023-01-06T00:44:03","modified_gmt":"2023-01-06T05:44:03","slug":"former-blackrock-portfolio-manager-charged-with-undisclosed-conflict-of-interest","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2023\/former-blackrock-portfolio-manager-charged-with-undisclosed-conflict-of-interest.html","title":{"rendered":"Former BlackRock Portfolio Manager Charged with Undisclosed Conflict of Interest"},"content":{"rendered":"\n<p>(HedgeCo.Net) The Securities and Exchange Commission has charged <strong>Randy Robertson<\/strong>, a former <strong>BlackRock Advisors, LLC <\/strong>portfolio manager, for failing to disclose a conflict of interest arising from his relationship with a film distribution company in which the fund he managed for BlackRock invested millions of dollars. To settle the charges, Robertson agreed to pay a <strong>$250,000 <\/strong>penalty.<\/p>\n\n\n\n<p>The SEC\u2019s order finds that, from 2015 to 2019, BlackRock Multi-Sector Income Trust (BIT), a closed end publicly traded fund, invested in Aviron Group, LLC subsidiaries by loaning the subsidiaries, which were in the business of funding advertising budgets of motion pictures, as much as $75 million. Robertson, a co-portfolio manager of BIT, had a significant role recommending and overseeing BIT\u2019s loans to the Aviron subsidiaries. At the same time, Robertson asked Aviron to help advance his daughter\u2019s acting career. Aviron helped Robertson\u2019s daughter obtain a small role in a film produced in 2018. Robertson did not disclose to BIT\u2019s board of trustees or BlackRock\u2019s compliance and legal teams that he asked Aviron to help advance his daughter\u2019s acting career or that Aviron helped his daughter obtain a film role.<\/p>\n\n\n\n<p>\u201cInvestment professionals must be forthcoming about any conflicts of interest they may have with the companies in which they invest client funds, including situations involving favors or assistance to family members,\u201d said Andrew Dean, Co-Chief of the Enforcement Division\u2019s Asset Management Unit.&nbsp;\u201cInvestors must be able to know that the advice they receive is free of undisclosed conflicts, regardless of whether the conflict is financial in nature.\u201d<\/p>\n\n\n\n<p>Robertson consented to the entry of the SEC\u2019s order finding that he violated Section 206(2) of the Investment Advisers Act of 1940. Without admitting or denying the SEC\u2019s findings, Robertson agreed to a cease-and-desist order, a censure, and the $250,000 penalty referenced above.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(HedgeCo.Net) The Securities and Exchange Commission has charged Randy Robertson, a former BlackRock Advisors, LLC portfolio manager, for failing to disclose a conflict of interest arising from his relationship with a film distribution company in which the fund he managed [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048,16047],"tags":[],"class_list":["post-83574","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news","category-insider-trading-2"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/83574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=83574"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/83574\/revisions"}],"predecessor-version":[{"id":83575,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/83574\/revisions\/83575"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=83574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=83574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=83574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}