(Reuters) -The U.S. Securities and Exchanges Commission on Tuesday said it had charged BlackRock Advisors LLC with "failing to accurately describe investments in the entertainment industry" for which it has agreed to pay a $2.5 million penalty.
From 2015 to 2019, one of BlackRock's trusts made investments in Aviron Group LLC, a firm that developed advertising plans for films, the SEC said. BlackRock inaccurately described the firm to investors, regulators said.
In 2019, the asset manager identified the inaccuracies and accurately described the investments from them, the SEC said.
Representatives for BlackRock, which consented to the SEC's findings, did not respond immediately to requests for comment.
(Reporting by Katharine Jackson, Costas Pitas and Chris Prentice in Washington; editing by Jasper Ward and Jonathan Oatis)