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SEC Charges Hollywood Film Executive With Fraud

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The Securities and Exchange Commission on Friday filed fraud charges against a Hollywood movie executive for stealing money from a BlackRock Inc. fund.

The regulator alleges that William Sadleir diverted some $25 million from the BlackRock Multi-Sector Income Trust, a roughly $600 million fund that financed his film distribution holding company, Aviron Group. The SEC said Mr. Sadleir siphoned the money into a fake company he created.

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