Hollywood Producer Who Scammed BlackRock Fund Pleads Guilty [Business News Network (BNN) (Canada)]
BlackRock, Inc. (BLK)
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Source: Business News Network
to scamming a BlackRock Inc. trust out of more than $30 million it had invested in his business. The 67-year-old Sadleir pleaded guilty in New York on Wednesday to two counts of wire fraud and reached a forfeiture agreement with prosecutors, U.S. Attorney Damian Williams said in a statement on Thursday. Sadleir, who had been scheduled to go to trial next week, faces as much as 20 years in prison when he is sentenced May 10. Sadleir is a founder and former owner of Aviron Group LLC, a production and distribution company. He was arrested in May 2020 and accused of diverting a large portion of the $75 million invested in Aviron by the BlackRock Multi-Sector Income Trust. He also was accused of using coronavirus relief funds for personal purposes. “While the decision to plead guilty is always difficult, it was important for Mr. Sadleir to take responsibility for his behavior,” his lawyer, Matthew Schwartz, said in a statement. “Mr. Sadleir apologizes to everyone who has been hurt by
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