Recently, the SEC fined BlackRock Advisors, LLC $2.5 million for discrepancies in its investment disclosures. When considering the firm’s vast financial operations, which span over $9 trillion in managed assets, this penalty might seem minor. Yet, it’s the context surrounding this event that brings it to the limelight.
SEC Fined BlackRock: The Details
From 2015 to 2019, BlackRock inaccurately portrayed its hefty investments in Aviron Group, LLC. Instead of highlighting Aviron’s role in film advertising, it was labeled under “Diversified Financial Services” in various public reports. By 2019, these inaccuracies were rectified.
Andrew Dean, Co-Chief of the SEC’s Enforcement…
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