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Rockland County Investment Manager Who Oversaw Russian Oligarch’s Assets Accused of Securities Violations; 23rd Annual Rockland Philanthropy Day Breakfast; Briefs

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Rockland County Investment Manager Who Oversaw Russian Oligarch’s Assets Accused of Securities Violations

A Rockland County investment manager who oversaw $7.2 billion in assets for a sanctioned Russian oligarch has been accused of securities violations.

The U.S. Securities and Exchange Commission has sued Michael Matlin, of Airmont, and Concord Management LLC, of Tarrytown, in a complaint filed Sept. 19 in U.S. District Court, White Plains. The suit alleges that Matlin and Concord failed to register as investment advisers with the SEC, therefore undermining the agency’s ability to regulate them.

Westfair reports that in response to a request for comment, their spokesman, Jon Hammond, stated in an email: “While we are disappointed with the SEC’s decision to pursue this non-intent-based claim, we are confident that a full review of the applicable law and relevant facts will underscore that Concord Management and Michael Matlin complied with all regulatory and legal requirements.”

The complaint says Matlin formed Concord Management in 2009. From 2012 to 2022, he served “a wealthy, former Russian political official living outside the United States.” The complaint does not identify the client, but the circumstances described by the SEC point to Roman Abramovich, according to published reports. Abramovich, a governor in eastern Russia, allegedly made a bundle selling privatized Russian assets he acquired after the collapse of the Soviet Union.

After Russia invaded Ukraine last year, the United Kingdom and European Union sanctioned Abramovich and other Russian oligarchs close to Vladimir Putin and began seizing their assets.

Born in Russia, Matlin emigrated to the U.S. in 1988, and became a citizen. While still a student in Moscow, he met another individual who is a longtime associate of Abramovich and who is identified in the complaint as Person B, according to published reports. He also met another student, identified as Employee C, who became Concord’s head of operations and administration.

The SEC claims that Matlin and his friends coordinated investment decisions through companies based in the British Virgin Islands and the Bailiwick of Jersey.

Concord was given an open-ended mandate to identify and invest in hedge funds and private equity funds based primarily in the U.S., according to the SEC. As of January 2022, Concord was managing $7.2 billion in 112 private funds.

Eventually, about a dozen people worked for the firm and became aware of the client’s name, the SEC says.

In late 2021 and early 2022, as speculation circulated about a possible Russian invasion of Ukraine, Matlin and Concord began to liquidate their client’s assets, the complaint states. Around the same time, the client began transferring ownership of various entities that held the assets to five of his children.

Concord was paid about $85 million for its work, including $50 million in performance bonuses, $29 million in fees and $6 million in business expenses, according to the SEC. Matlin, Concord’s sole owner, received an annual salary and distributions of profits.

The SEC accused Matlin and Concord of violating the Investment Advisers Act of 1940. It is asking the court to restrain them from committing more securities violations, to disgorge ill-gotten gains, and to pay civil penalties.

The SEC is represented by several attorneys in its Boston regional office. Matlin and Concord are represented by Manhattan attorneys Benjamin S. Fischer and Christopher Harwood.

23rd Annual Rockland Philanthropy Day Breakfast to Celebrate the Spirit of Giving on November 9

The Fostering Philanthropy Fund, a component fund of the Rockland Community Foundation, will hold its 23rd annual Rockland Philanthropy Day event Nov. 9 from 8:30 a.m. to 10:30 a.m. at the Crowne Plaza in Suffern.

Mark Geller, MD

Dr. Mark Geller, a Rockland resident and President and CEO of Montefiore Nyack Hospital, will be the keynote speaker.

Philanthropy Day 2023 is a partnership with the Rockland Community Foundation Advisory Board, The Fostering Philanthropy Fund, and past board members of the Rockland Development Council.

“The Philanthropy Day Breakfast is an opportunity to celebrate a commitment to enhance the quality of life and giving in Rockland, and to honor the individuals and businesses who make this possible,” said event organizers.

The event will recognize the following with 2023 Philanthropy Day Awards:

  • Outstanding Youth in Philanthropy- Ben Gorsky and Audrey Gillies
  • Outstanding Nonprofit Professional- Julie Sadowski
  • Outstanding Volunteer- Christine Elder
  • Outstanding Corporate Leadership- Howard Hellman

To learn more or purchase tickets for this inspiring event, please visit

Frontier League Awards Membership to New England Team

The Frontier League, which is home to the New York Boulders, has added a new team for the 2024 season.

The team will go by “New England Professional Baseball” until a finalized name will be announced at a later date. The Frontier League’s Board of Directors has issued membership for a new team that will play at Campanelli Stadium in Brockton, Massachusetts beginning with the upcoming 2024 season.

“This continued growth of the Frontier League is especially noteworthy as it creates the league’s first team to play in New England,” said the League’s spokesman.

The New England club will play in the Eastern Division of the Frontier League beginning with the upcoming 2024 season and will bring the total number of permanent members of the league to sixteen teams.

The New England expansion team is owned by Brian Kahn, who also holds ownership of the Windy City ThunderBolts within the Frontier League. Windy City hosted the 2023 All- Star Game and was recently recognized as the Frontier League’s Organization of the Year.

Under Mr. Kahn’s leadership, the New England organization will “enhance community engagement, provide exceptional customer service, foster innovation, invest in the professional growth of its dedicated team, and improve the game-day experience for fans, according to the League’s press release.

“We are excited to be adding a tremendous sports market in Brockton and a great facility in Campanelli Stadium to the Frontier League,” said deputy commissioner Steve Tahsler. “Windy City is one of our best regarded operations, and we are confident that the management and staff in Brockton will provide an amazing atmosphere and service to the Brockton community.”

The addition of Brockton removes the Empire State Greys from the schedule.

“We appreciate the dedication of the Empire League, Eddie Gonzalez, and Jerry Gonzalez over the past two seasons. They are a quality organization who operated with strong integrity during their time playing in the Frontier League,” added Tahsler.