The us accusations have ousted a framework hollywood for fraud in a loan program in the event of a pandemic


NEW YORK (Reuters) – u.s. prosecutors have accused the owner recently ousted a distributor of hollywood films of defrauding a federal program of emergency relief against sars coronavirus and a BlackRock Inc (BLK.N) investment funds, including to pay for a mansion in Beverly Hills, and other luxuries.

PHOTO FILE: A sign to BlackRock Inc is suspended at the top of their building in New York city in the United States, on July 16, 2018. REUTERS / Lucas Jackson

Prosecutors have said William Sadleir, 66 years old, had diverted a large part of the $ 1.7 million of loans he had received on the 1st of may of the program of protection of pay cheques for his personal expenses.

He would have done this after mistakenly told to JPMorgan Chase & Co (JPM.N) and the Small Business Administration, the funds were directed to his former company from Rowing Group, who was sacked in December and where it has no current function.

The PPP was designed “to help small businesses stay afloat during the financial crisis, and we will act swiftly against those who abuse the program for their personal gain,” said u.s. attorney Nick Hanna Los Angeles, in a news release.

Sadleir has also been accused of having previously led the BlackRock Multi-Sector Income Trust Fund fixed capital (BIT.N) to invest $ 75 million in Rowing to support his films.

Prosecutors said that he had then created a fake company to hide its use of money and assumed the false identity of “Amanda Stevens” to communicate by e-mail with the fund BlackRock about its investment.

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In a civil case as related, the Securities and Exchange Commission of the United States stated that the “luxurious lifestyle” of Sadleir also included a Tesla at $ 127,000.

A lawyer in Sadleir could not immediately be identified. A spokesman for BlackRock declined to comment.

The films of Rowing have included “Kidnap” Halle Berry and “Serenity” of Matthew McConaughey and Anne Hathaway.

The fund BlackRock were 574 millions of dollars in assets, to may 21, and normally invests most of assets in debts and loans. He continued to Sadleir for fraud before a court of the State of New York in December.

Sadleir faces up to 124 years in prison if he is convicted of all the charges.

Reporting by Jonathan Stempel in New York; Editing by Richard Chang

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