The Securities and Exchange Commission and the FBI are investigating Concord Management, a small investment advisory firm that oversaw billions of dollars of hedge fund investments for Russian oligarch Roman Abramovich. It is reported by The New York Times.

Investigations focus on how Abramovich's associates used a series of offshore shell companies to fund dozens of U.S. hedge funds worth up to $8 billion over the past 20 years. Authorities are looking for information about the flow of money through a dozen shell companies located in the British Virgin Islands and the island of Jersey.

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The Securities and Exchange Commission (SEC) began issuing subpoenas as part of the investigation, and lawyers at the Boston SEC office began interviewing people familiar with Concord's activities. New York-based FBI agents also conducted interviews as part of the investigation, which is separate from the SEC investigation..

In June, a US court issued warrants for the confiscation of two planes owned by Abramovich under US sanctions following Russia's invasion of Ukraine..

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Recall that in June, US authorities accused Russian businessman Roman Abramovich of illegally exporting two American-made aircraft without a license, which is a direct violation of US sanctions against Russia.. Abramovich made his children the beneficiaries of a number of "