Former Hollywood executive sentenced to six years, ordered to pay $31.6-million in restitution for defrauding BlackRock fund
The former head of a Hollywood movie distributor whose films have starred actors such as Halle Berry and Matthew McConaughey was sentenced on Friday to six years in prison after he pleaded guilty to defrauding a BlackRock Inc investment fund.
Sadleir, 68, of Beverly Hills, had pleaded guilty in January to two counts of wire fraud over schemes related to the closed-end BlackRock Multi-Sector Income Trust Fund, which had invested $75-million in Aviron. They said Sadleir forged a BlackRock manager’s signature for the sale of more than $3-million of assets that secured BlackRock loans to Aviron, which later defaulted on those loans.
Sentencing in that case is scheduled for Sept. 28 in federal court in Los Angeles. Prosecutors there have said they would recommend the sentence run concurrent with the Manhattan sentence.
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