Robert Sillerman fined $179,000 for investment fraud
The ex-SFX chief falsified financial documents and diverted the proceeds of a funding round to his personal bank accounts, alleges the SEC
News By | 16 July 2019
Robert Sillerman has been charged with fraud by the US Securities and Exchange Commission (SEC), which has ordered the former SFX Entertainment CEO to pay a fine of US$179,000, as well as barring him permanently from serving as the director or officer of a business.
The SEC’s complaint, filed on 28 June, relates Sillerman’s post-SFX online publishing business, Function(x), which was quietly wound up last year after Sillerman was forced into bankruptcy by a creditor, Chicago promoter React Presents, which was owed $10 million in acquisition costs.
SFX filed for bankruptcy in February 2016 with debts of almost half a billion dollars, run up in a bid to rapidly consolidate the dance music sector (aping the roll-up of rock promoters in the early 2000s…
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