Former Beverly Hills Film Distribution Company Owner Found Guilty of Defrauding Publicly Traded Fund

William Sadleir is the former owner of Beverly Hills Film Distribution Company. The United States District Court for Southern District of New York has handed him a final judgment of consent. Sadleir, who was accused of defrauding an publicly traded fund of at least 13.8 million dollars, received the final consent judgment by the United States District Court for Southern District of New York.

The Securities and Exchange Commission filed a complaint on May 22, 2019. Sadleir, through his company Aviron Group, LLC, allegedly received $75 million in investment from BlackRock Multi-Sector Income Trust. This closed-end management company is registered with the Securities and Exchange Commission (SEC). Sadleir claimed the funds would support the distribution films but instead he misappropriated and diverted the money to his personal use. He went so far as to create a sham business and issue fake invoices in order to fraudulently receive additional funds from BIT. These funds were used to cover personal expenses including the renovation and purchase of a Beverly Hills home.

Sadleir also faces criminal charges for a similar act by the U.S. Attorney for the Southern District of New York. On January 19, 2020, Sadleir pled guilty.

Sadleir agreed to a partial judgement in the SEC case on May 6, 2022. This judgment permanently bars him from violating the securities laws or participating in any issuance, offering, or sale, except for himself. Sadleir is ordered to pay $17,813,379 in total, including disgorgement and prejudgment interests of $3,979 141. The restitution order against Sadleir will satisfy this amount.

Sadleir, in a criminal case that dated back to September 9, 20,22, was sentenced to a prison term of 72 months and ordered to repay $31.6 Million. On September 22, 2022, the court ordered that Sadleir forfeit a Tesla he had acquired as a result of his misconduct.

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Richard Hong assisted Salvatore Massa and Brian Fitzpatrick in the SEC investigation. The SEC was assisted in this case by the U.S. Attorney’s Office of Southern District of New York, and the Federal Bureau of Investigation.

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Securities Exchange Commission (SEC), a United States government agency, is responsible for overseeing and regulating the securities market. The primary mission of the SEC is to protect investors and maintain fair and efficient market conditions.

The SEC enforces federal security laws that require companies to give accurate and timely investor information. The SEC also establishes rules and regulations governing securities transactions. These include registration requirements for securities offering and regulations for brokers and investment advisors.

The SEC is a key player in maintaining transparency and integrity on the financial markets. The SEC monitors and investigates possible violations of securities law, such as insider trades and fraudulent activities. It also informs and educates the investors about their rights.

Overall, SEC’s primary objective is to ensure that investors have a fair playing field, and to encourage confidence in the markets for securities, contributing to economic stability and growth.

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