The United States Securities and Exchange Commission has fined investment adviser BlackRock (NYSE:BLK) Advisors $2.5 million, accusing it of failing to accurately describe investments in the entertainment industry that comprised a significant portion of a publicly traded fund it managed.
According to the SEC’s filing, between 2015 and 2019, BlackRock Multi-Sector Income Trust (BIT) made sizeable investments in a print and advertising business called Aviron Group that worked on one to two films annually through a loan facility.