Concord Management LLC of Tarrytown, New York, and owner Michael Matlin were operating as unregistered investment advisors to a single client, a former Russian official with apparent connections to the Russian Federation, the SEC said in a statement.

A spokesman for Concord and Matlin said in an emailed statement that “a full and fair review of the applicable law and relevant facts will underscore that Concord Management and Michael Matlin complied with all regulatory and legal requirements.”

Previously, the New York Times reported that Russian oligarch Roman Abramovich was the firm’s client, but Reuters could not immediately verify that information. A lawyer for Abramovich did not respond to requests for confirmation or comment.

Matlin founded Concord in 1999 to provide investment advice and supervise investments in US private funds, the SEC said. The firm monitored investments for the Russian individual until March 2022, when the UK and European Union sanctioned the unidentified client, it said.

Over US$7 billion of assets belonging to a single foreign individual was “actively managed” in US markets by a single firm without regulatory oversight, the SEC said in its charges.

The SEC’s lawsuit was filed in the southern district of New York.